Better perks and gentler environments are becoming staples of the modern white-collar workplace—even in the cut-throat world of investment banking. According to a memo sent this week to staff at Morgan Stanley, junior bankers at the firm will soon get paid more and be promoted faster, with mandatory vacation and fewer hours.
Sound familiar? Bank of America recently revamped time-off policies for investment bankers, offering four- to six-week sabbaticals every five years, depending on length of service. PwC has rolled out flexible work policies, while encouraging better time management over long hours for its employees. And Google, Facebook, and Coke all have worked with The Energy Project, a productivity consultancy, to promote better work-life balance for their employees.
According to its memo, Morgan Stanley is raising base pay for associates in investment banking and capital markets by 20% to 25%. It is also speeding up its promotion timeline for high-performing analysts—the entry-level position below associate—from three years to two. The memo also reiterated the bank’s current vacation and hours policies: two mandatory one-week vacations every year and limited staffing on Fridays and weekends.