Nike closes global offices this week to promote work-life balance

Yahoo Finance Live anchors Dave Briggs and Seana Smith discuss Nike's decision to close its offices this week in order to highlight the need for work-life balance.

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DAVE BRIGGS: All right, now Seana, a different story on the retail sector-- Nike, Nike, rather, giving its employees the entire week off this week without using any vacation days, calling it "Well-Being Week." It's actually the second year Nike is doing this. One Nike recruiter said in a LinkedIn post that the move shows employees how the company truly believes in work-life balance. What do you make of this move in global offices? This is no small gesture.

SEANA SMITH: Yeah, I think it's huge. Hopefully, we will see other companies follow suit. Like you mentioned, this is the second year in a row that Nike is doing this. I think a couple of things here. One, we know that mental health is so important. We know that there has been more of a spotlight on mental health in the wake of the pandemic, even though, obviously, it was a huge issue prior to the pandemic.

I think this is a great decision by Nike. I also think it will really help them just in terms of company culture and also employee retention. When they're seeing a company, their employer, take an initiative like this, make something happen, allow them to invest five full days in their mental health, I certainly think it's going to pay off in a number of ways.

DAVE BRIGGS: Retention and recruitment, if they do have, like so many other sectors, thousands of open jobs. And you're right about the COVID pandemic and the impact. 25% increase in depression and anxiety out of the pandemic. And so many companies talk about mental health and well-being. Not many put their money where their mouth is, like Nike is doing. So we salute that. Kudos.