Barclays has announced an interesting new internship program, aimed at those who have been out of the workforce.
Its new program, based out of the New York region, targets individuals who have taken a break from working in finance for “personal responsibilities.” These can include, but are not limited to, caring for children or a sick relative.
The internship program, which lasts 10 weeks, requires that its applicants have taken a break of at least a year from work.
This step is considered fairly unprecedented, but necessary. Investment banking is known for being a rigorous and demanding profession, yet employees are demanding more flexibility and comfort. Lighter workloads and lower stress levels are two of the manifestations of this demand on the part of employees for better work-life balance.
Other banks have also implemented new programs in recent months to promote better work-life balance, particularly amongst the younger generation.
UBS, for example, told investment bankers earlier this month to take at least two hours of “personal time” a week, offering more flexible hours.
This past November, Goldman Sachs implemented a program to help better retain junior bankers, which involves more job mobility and quicker promotions.
Credit Suisse has been said to be implementing a similar system to that of Goldman Sachs.
In order to be eligible, workers must have been employed for at least five years previous to their time away from the job.
Barclays believes that this opportunity will uncover individuals who are experienced and talented.