New, enhanced employee benefits announced by Goldman Sachs

In a bid to attract and keep employees, Goldman Sachs Group Inc. announced additional employee benefits — many geared toward making it easier for employees to take time off. These new benefits, shared in a memo to employees and media, are part of an effort to appeal to workers and address burnout at a time when many are re-evaluating their careers due to the pandemic.

Goldman Sachs is introducing paid leave for pregnancy loss and expanding the amount of time employees can use for bereavement leave. A six-week unpaid sabbatical also is now available for long-term employees.

In a statement emailed to Bloomberg News, Bentley de Beyer, Head of Human Capital Management at Goldman Sachs said, “We’re focused on delivering energy optimization, resilience and mental-health programs that support our people in caring for themselves and their families.”

For its U.S. employees, the company is boosting retirement matching contributions and eliminating the one-year waiting period for new employees to receive firm contributions. Employees now can receive up to 6% of total compensation matched or 8% of total compensation for employees making $125,000 a year or less with no requirement for employees to put in the first 2%.

“We wanted to offer a compelling value proposition to current and prospective employees, and wanted to make sure we’re leading not just competing,” de Beyer said in an interview with the Wall Street Journal about the new employee benefits.

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