Houlihan Offers Staff All-Expenses-Paid Vacation Amid Deal Boom
(Bloomberg) -- Houlihan Lokey Inc. will offer some workers an all-expenses paid vacation as it seeks to lighten the load for its workers amid a surge in mergers and acquisitions.
“Our team is going to celebrate our achievements with a global getaway,” the firm said in a memo to staff seen by Bloomberg, which contained a link to some of the available trips they could opt to take. “No not all together (after all there is still a pandemic), so whether you choose a secluded beach or a ski adventure or a culinary experience, the choice is yours.”
Houlihan Lokey also said it would no longer allow employees to work past midnight unless there was prior approval from a group head, and the firm promised workers they would get a full 24 hours consecutively each week during which no work would be expected of them.
The boutique investment bank will also offer analysts in the U.S. a one-time $10,000 bonus, according to a person familiar with the matter, who asked not to be named discussing personnel issues. A spokesman for the firm confirmed the contents of the memo.
A boom in deals has left Houlihan Lokey and its rivals trying to address increasing burnout among young bankers, who are often given the task of preparing lengthy presentations and other materials for client meetings. The moves come after a recent internal presentation by junior analysts at Goldman Sachs Group Inc. on their workload set Wall Street abuzz when the document found its way onto the internet.
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Houlihan Lokey also said that it’s been using more technology to help automate or streamline some parts of the deals process that have been keeping analysts logging long hours.
“Furthermore, we are expanding our outsourcing efforts and continuing to actively recruit more analysts and associates to manage ongoing client demand,” the firm said in the memo, inviting current employees to submit referrals for additional hires.
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