One in five employees at Simmons & Simmons have signed up to a new flexible working initiative launched at the beginning of the year that lets them trade their holiday allowance.
The firm estimates about 20% of people have taken advantage of the scheme, which allows all staff and lawyers to buy and sell up to a maximum of five days’ holiday, giving people the opportunity to take up to 30 days’ annual leave. Of these, around 80% have bought holiday, while 20% have sold a portion of their entitlement.
Average yearly holiday allowance at the top 10 City firm stands at 25 days, with the new scheme allowing workers to trade holiday up to a maximum of 30 days and down to a minimum of 20 days. The cost of extra days is adjusted according to salary.
The move comes as part of a wider initiative the firm is working on, which will see lawyers and staff able to trade other benefits, such as insurance and pensions. Simmons estimates its current standard benefits package represents an additional 20% of salary on top of basic pay.
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