One of London’s biggest investment banks is offering its staff free emergency nannies for sick children and carers for elderly parents as it adopts a more “family-friendly” image.
Goldman Sachs, the US bank known for its gruelling hours and multi-million-pound bonuses, is offering the new “back-up care” scheme, giving each of its 6,000 UK employees up to 20 days of an emergency nanny or carer per dependant each year, the Standard can reveal.
In an internal memo, the bank said staff members’ children (including those over 18), spouses, civil or domestic partners, parents, parents-in-law and grandparents could all be entitled to emergency nannies and carers, a perk potentially worth thousands of pounds a year.
A bank insider said the firm will pay for an in-home nanny for “mildly ill” children unable to go to nursery or school, as well as adult dependants such as “an elderly parent who takes a tumble and can’t get about, or is sick and needs someone to look in on them.”
Although Goldman is picking up the tab, it warned employees they are still liable to pay tax for the care received.
"We’ll invest whatever it takes ... this is about wanting to look after employees, not chain them to their desks"
It comes as the bank — which once told staff their weekend ended on Sunday morning — tries to shake off its macho image.
This summer it became the first UK firm to pay for breastfeeding mothers on its staff to courier their expressed milk back to their babies if travelling for work. It has also announced plans to pay for its staff in London to have gender-reassignment surgery and IVF treatment.
Sally Boyle, its head of HR, said the new care initiative had become one of the bank’s most popular perks, with 50 members of staff immediately responding to the announcement. She said the bank had not put a figure on the potential cost, but added: “We’re prepared to invest whatever it takes.”
Asked if it was a way to keep staff at work, rather than looking after sick children or parents, Ms Boyle said: “This is about us wanting to look after our employees, not wanting to chain them to their desk.”
Goldman has fitness classes for pregnant employees at the on-site gym in its City headquarters and a crèche.
