Money Talks: The Seven Year Itch - The Sabbatical Solution
The seven-year itch is a popular belief, sometimes quoted as having psychological backing, that happiness in a marriage or long-term relationship declines after about seven years.
At The GenWealth Group, we combat this potential dip in happiness with a month off with pay!
One of our core beliefs is: Take Great Care of Our Clients and Our People. Our benefit offering does exactly that. After 7 years of continuous employment, our team members are awarded an entire month off with pay to do as they wish. To rest, re-charge, explore or simply do nothing.
Thanks to an opportunity like a sabbatical, the possibilities are endless. Generally offered to educators, researchers, or even clergy, the sabbatical is defined as a leave of absence from work —either paid or unpaid — that lasts anywhere from one to three months. And at the end of a sabbatical, employees return to the same role at their company. As of 2018, 24% of small businesses and 14% of large businesses in the U.S. allow their employees to take this type of leave. Sabbaticals offer employees the opportunity to travel, pursue personal passions, or take a mental health break. But they can be good for companies, too: offering sabbatical leave can help companies retain top talent and prevent burnout.
In developing our sabbatical benefit offering, we asked ourselves these questions:
Why should we offer this?
While many employers still offer some kind of “work from home” flexibility, it just doesn’t work for our type of business. As wealth managers, our clients expect “boots on the ground” every day (especially when markets are volatile). The sabbatical with pay is a super-charged offering that allows our employees to feel great about what we have to offer. It’s part of a very robust time off package that helps our team know they’re part of something special. Our overall paid time off package is packed with value (including the sabbatical) so our folks don’t need the work-from-home option to feel good about having time for themselves.
What’s the ultimate outcome we hope for?
We hope that our employees stay loyal, reach the 7-year mark, and go away for a month with pay! This is available EVERY 7 years, so we’re aiming to keep the very best talent for a long time. We want them to feel cared for and have the space and time to break away from the demands of daily work to explore, recharge, rest, or do absolutely nothing. It’s their choice. They’ll be paid the entire time, so there is no financial pressure attached to taking the time off.
How can we prepare internally for a team member to be gone for an entire month?
By working as a team, we accept the tasks delegated to us by the person leaving on sabbatical. We simply pitch in and get it done to give our colleague peace of mind. We have detailed task lists (driven by technology) so everyone knows what responsibilities they’ll take on while our team member is away.
What do we expect of the person on sabbatical?
We expect them to check out, not check email or text. We expect them to unplug from our firm for the month.
How should they prepare to depart for this extended time?
They should take a careful inventory of the work they need to accomplish during the month. They need to assign the work to others on the team who are accountable for getting it done.
What happens when they come back?
There is probably a whole lot of catching up to do! Hopefully, great photos, stories, and adventures will be shared and we’re all ears! Otherwise, there may be a few long days to dig out as necessary, but truly we hope return to work is met with happiness and a sense of renewed energy,