Is it being paid by the bank or does the associate have to purchase it like PTO?
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It’s great. Sure. But it’s a hard pill to swallow in a year when they give you a MM, cut your bonus, then prorate it for the sabbatical, and give a cr-p raise.
It's funded by selling 10,000 bank branded candy bars door-to-door in advance of going out. 😂
Sabbatical is their way of seeing how much they really need the employee with 15+ years of experience.
A few weeks out of the office and work still got done? Guess who is next on the RIF list.
You don’t pay for or buy your own sabbatical. Your bonus is prorated down slightly based on weeks worked. It’s actually a wonderful benefit!
@dcf+1r1a21qn - just before the year you become eligible, you will receive a letter (usually November-ish) congratulating you on your upcoming milestone that lays out the specifics of the program. You will not have to pay out of pocket. It's subsidized by the company (and your teammates who have to do all your work on top of theirs while you're out)
Timing is based on the year you were hired, not the actual month. (so if you were hired in Sept, you can take it January of your milestone year. You don't have to wait until the original date.)
Thanks for the clarification. I was told by someone that it is being taken out like PTO. I looked up the sabbatical program on Flagscape and only saw that it was being paid but not by whom.
Sabbatical is not like PTO. Employee does not "buy" it or pay directly out of pocket.
Salary/benefits remain in place.
However, if you are eligible for Discretionary Comp (e.g. annual bonus), the annual amount will be reduced on a pro rata basis.
(simplified example: if you are eligible for a $50 annual bonus -- for working 50 weeks -- but take 3 weeks sabbatical, then you're eligible bonus amount would be reduced by 3 weeks equivalent to $47.)
ymmv