Back in the day, as in prior to the global financial crisis of 2008, the massive compensation banks bestowed upon their employees made up for the fact that they required said employees to act as if they were under a sort modified of house arrest at their desks, wherein the ankle monitoring bracelet only came off between the hours of 3 and 5am and god help anyone requesting permission to leave their post to use the bathroom more than once a day, at most. Now, as salaries have shrunk and financial services employees have questioned whether or not the pay is worth their asses becoming fused to their chairs, banks have been forced to start dangling perks that would have shocked Wall Street veterans. But nothing has been quite so shocking as the policy just unveiled at UBS.
Investment bankers at UBS (UBSG.S) can now take at least two hours of "personal time" a week in the latest attempt by a bank to retain staff with a better work-life balance...The UBS policy, dubbed "take two", aims to give bankers more flexible hours without colleagues having to pick up too much slack...Since May 4, junior and senior bankers working within the same team at UBS can use at least two hours per week for personal matters, as long as co-workers agree to cover for them. "It's a 'give and take' exercise: people take two but also need to give two when their colleagues are away," said Orcel, who joined UBS in 2012, adding it should free up time for family events or activities like marathon training without any stigma.
It's an absolute embarrassment of riches that you'll pay for when working an extra two hours to cover for colleagues, but a heretofore embarrassment of riches nonetheless! Go ahead, drop off your dry cleaning OR pick up your kids once a week!