Top-tier executives are increasingly interested in the idea of taking a sabbatical for a full year.
Leaders, from venture capitalists and CEOs to pop stars are increasingly realizing the potential for transformation that comes with stepping back from a relentless work schedule.
It’s not just about relaxing and resting; it is about strengthening relationships, strategic reflection and, ultimately, coming back to work with new purpose and energy.
Deals worth billions of dollars for dinners with family
Venture capitalist Jeremy Liew had a vision of a world tour for a long time. He was a Lightspeed Venture Partners partner with a record that included a Seed Investment in Snap Inc.
Liew was perpetually working despite his professional successes, which included Snap’s $24 Billion IPO in 2017.
The disruption caused by Covid and his sudden lack of travel made him realize what he missed at home. “Having dinners with my family.” My kids and I had some unstructured time. “Having time to train.”
Liew’s realization led him to cut his Lightspeed commitment to just 20%, and to embark on a family year in 2022. This was right as his eldest son began high school.
Discovering the world from Tanzania to Taiwan
The Liew Family’s 12-month itinerary included 12 different destinations. It began with Tanzania, Kenya and then moved on to Australia and Singapore before ending in Italy.
Halfway through the year, teenage longings for social interaction with peers led to a stay of six months in Taiwan.
The experience gained was invaluable, even though the original plan had to be modified.
Executive sabbaticals are on the rise
Liew’s journey exemplifies a trend that is growing.
Matt Mullenweg took a sabbatical of three months in 2023, to pursue personal interests like sailing and chess.
Lizzo, a pop singer who is known for her “gap years” of personal peace later clarified that it was a period where she would be working hard away from the spotlight.
Ania, the CEO of TaskRabbit took a break with her family in Buenos Aires for a full year before taking on her new role.
Smith told Fortune that “my gap year was pivotal to my career.”
It gave me space to think about what I really wanted, and to develop a plan for achieving it. This eventually led me to my present role.
The following examples illustrate the many benefits and motivations of an extended leave from work.
Sabbaticals are no longer just a luxury but an important strategic tool
In the corporate world, sabbaticals are increasingly popular, particularly after the Pandemic.
LinkedIn added “Career Break”, a new profile option, after the pandemic. This reflects a shift in thinking.
Nearly 30% of companies surveyed in 2021 by a HR organisation offered unpaid vacations. This is a substantial increase from the 18% reported in 2016.
Bank of America and Thomson Reuters have both joined McDonald’s and Adobe in offering employee-paid leave.
Travel agencies now specialize in planning “sabbatical trips”.
Career breaks: Reframing narratives
The perception of executive breaks, which are often viewed with skepticism, is changing. This includes when the sabbaticals follow scandals or poor performance in business.
Time off has become more than just a weakness. It is a strategy for professional and personal growth.
Fortune reported that people are taking sabbaticals in order to transform their careers and lives. Cady North is the author of The Art of the Sabbatical, and the founder of North Financial Advisors.
The shift is a reflection of a growing awareness that career paths do not have to be linear, and that time spent in self-reflection can help you find greater clarity and meaning.
The transformational journey of a VC
Arjan Schutte had always dreamed about sailing the globe with his family.
Ironically, the pandemic was the catalyst.
Schutte, who realized he could remotely manage his investment portfolio, embarked upon a one-year journey across 20 different countries while homeschooling his kids.
It was a profound experience, especially the time he spent with his children. Schutte said, “It is funny how you have to travel to an exotic location to understand something that seems so banal.”
Schutte’s sabbatical, which he took at the age of 52, allowed him to reflect upon his career path and to reaffirm that he is committed to venture capital.
He said, “I have a new mandate.” From parenting to my marriage, I’m more tuned into my relationships.
How to overcome the fear of walking away
Smith, from TaskRabbit, discovered that taking a long career break is a daunting task.
Mentors expressed concern about their career prospects.
Smith recalls that “more than one mentor warned me of the possible negative impact on my career.”
The gap year was a time when I thought I would learn new skills and I wanted to spread this idea to others.
It can be difficult to overcome these fears, but they can have a significant impact.
Leadership sabbaticals: Benefits for the organization
Organizations may also gain from executive sabbaticals.
The temporary absence of a CEO can test leadership structures and provide an opportunity for team members to take the lead. It may also serve as a practice run for succession plans.
Liew noted that the team’s career progressed “upward” as they assumed greater responsibilities.
Liew regrets not going on a sabbatical sooner.
The overall experience, despite the fact that teenagers’ social needs required a change in plans due to their changing interests and behaviors, was overwhelmingly positive.
What is his advice for others who are considering taking a similar vacation? It is better to do it earlier rather than later.
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