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Bank of America is starting a paid sabbatical program to reward its long-term employees, starting with four weeks off for those who have spent 15 years with the company.
Beginning next year, the bank will offer time off to let employees “reinvest in their priorities in life,” according to a memo seen by Bloomberg News. The move is to recognize tenure at the company at certain career milestones, and to attract and retain talent.
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The goal is to strike a thoughtful balance that supports employees during important life events while maintaining productivity, managing costs and ensuring equitable access.
The company's Life Event Services team guides colleagues through resources and benefits that make major milestones easier to manage, and has worked on more than 700,000 cases over 12 years.
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