They are Americans famous hard workersand the idea of walking away from a prosperous career seems daunting to most corporate endeavors. But the pandemic fundamentally changed the way people think about their work lives, and some high achievers are realizing it sabbatical it might actually be a good idea.
Jeremy Liew is one of them. A partner at Lightspeed Venture Partners, he interrupted his busy business travel schedule when he realized how much work was taking away from his family. writes Sarah Clemence in a new feature luck. So he decided to temporarily step back from his job and set off on a year-long trip to various countries around the world with his wife and children. Despite concerns that his team would struggle without him, Liew saw his absence as an opportunity for others to step up and take on more responsibility.
“It created that upward momentum in their careers,” he said luck.
While sabbaticals are common in academia, they are still uncommon in the private sector, and often do not receive financial support from the company. In 2019, only 5% of companies offered employees extended leave, and this figure rose to 7% in 2023, according to one. the report Society for Human Resource Management (SHRM). But more and more large companies are toying with the idea of offering extended paid leave to their employees.
Fast food giant McDonalds, for example, offers one eight weeks paid sabbatical for employees who have worked in the company for 10 years or more. Bank of America the program it allows employees who have been with the company for 15 years or more to take two sabbaticals during their career, between four and six weeks. The consulting firm Deloitte offers two sabbatical programs: unpaid monthly sabbatical that can be taken for any reason; and a sabbatical of three to six months, which can be taken to seek opportunities for personal or professional growth. Employees who choose the latter receive 40% of their basic salary.
Some leaders are concerned with judgment, especially when taking a sabbatical may be viewed as lazy or unprofessional by other colleagues and fellow workers. This was the case of Ania Smith, who in 2018 left her job in charge of reception services at Airbnb, and with her husband and three children, went to Buenos Aires to relax, learn Spanish and introduce her family to a new culture. More than one mentor then told her that taking an “adult gap year,” as Smith calls it, could be detrimental to her career. He is now the CEO of the gig-work platform Task Rabbitand six years later, he credits it as his break critical to its success.
“My gap year played a key role in my career,” Smith says luck. “It gave me the space to think about what I really wanted and develop a clear plan to achieve it, ultimately leading me to my current role.”
You can read more about how leaders get the most out of their sabbaticals here.
Britt Morse
brit.morse@fortune.com
Today’s edition is edited by Emma Burleigh.
around the table
Summary of the most important HR topics.
German firm Thyssenkrupp Steel is to lay off around 11,000 workers, cutting its workforce by around 40%, as it struggles to remain competitive against cheaper Asian exports. WSJ
Macy’s has delayed its earnings report after an employee — who is no longer with the company — “intentionally” hid $132 million to $154 million in shipping expenses. Bloomberg
Thousands of Amazon workers are expected to strike from Black Friday to Cyber Monday, pushing the retailer to improve worker rights and climate initiatives. The Guardian
Water cooler
Everything you need to know luck.
It was WFH. The number of remote jobs in the UK has fallen by 13% Between 2023 and 2024, employers who still offer flexible working will receive a large number of talented applicants competing for the position. —Ryan Hogg
Vacation stopover. Airport workers in North Carolina are on strike To report low wages and other grievances during Thanksgiving week. —Erik Verduzco, AP
Technology adoption. More than half of Gen Z think so AI may take their jobs in the next decadebut only 6% of VPs and senior executives think so, according to a report. —Chloe Berger
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