Canada’s second-biggest bank is giving staff a subscription to meditation app Headspace and an extra day off

President and Chief Executive Officer of the Royal Bank of Canada, Dave McKay, addresses shareholders at the bank's 146th annual meeting, in the Metro Toronto Convention Centre.
President and CEO of the Royal Bank of Canada, Dave McKay, addresses shareholders at the bank’s 146th annual meeting, in the Metro Toronto Convention Centre.

  • Royal Bank of Canada CEO Dave McKay said the bank is giving an extra day off to “exhausted” staff.
  • Employees also get a free one-year subscription to the meditation app Headspace.
  • Toronto-Dominion Bank, Canada’s largest, has also offered its workers an additional day off.
  • See more stories on Insider’s business page.

Royal Bank of Canada is giving its employees an extra paid day off this year to avoid burnout from the COVID-19 pandemic – as well as a one-year subscription to the meditation and sleep app Headspace.

RBC’s CEO Dave McKay on Thursday said in a company memo that workers were the most exhausted they have been at any point in the pandemic. He said the bank needs to “eliminate the stigma associated with asking for time to focus, concentrate, and in some cases, log off and recharge.”

McKay told employees in the memo they should speak to their managers to book the extra day off and encouraged them to take the time to go on vacation. He said the few vacations he’d taken in the pandemic had allowed him to read, play his guitar, and spend more time outside.

Canada’s second-biggest bank also offered its global workforce of around 86,000 workers a free one-year subscription to Headspace, which usually costs $69.99.

“Beyond this extra day off, we recognize the ongoing pressures of the pandemic, especially for those in regions that have reverted back into lockdown,” McKay said. Canada is currently in a third wave of coronavirus infections which has mainly hit the province of Ontario, where RBC headquarters are. The province has introduced new restrictions to stop the spread.

“I encourage all of you to prioritize your personal time and continue to be mindful about work-life boundaries wherever possible,” McKay told staff in the memo.

Toronto-Dominion Bank, Canada’s largest bank, has also told staff they would get an extra day off work. CEO Bharat Masrani said in a memo to staff, seen by Bloomberg, that they should take the day off when they need it the most.

“After a year of sacrifice and disruption, we must all endure these challenging circumstances for a bit longer,” Masrani said in the memo. “I know that this has not been easy, and everyone is tired.”

The bank’s decisions to give staff an additional day off come after Goldman Sachs was criticized for making junior bankers work 100-hour weeks in “inhumane” conditions, leading to poor mental health.

Citigroup also launched a “Citi Reset Day” on March 28 – a company-wide holiday to relieve stress on staff. CEO Jane Fraser also banned video calls on a Friday.

Read the original article on Business Insider