Many reports show that unused vacation or paid time off (PTO) costs both employers and employees. Not taking vacation is shown to be detrimental to an employee's health and productivity.
Unfortunately, employees continue to report that they lose vacation at the end of the year or are afraid of requesting time away from work. In order to remain competitive, it is in the employer's best interest to offer a generous vacation or PTO plan.
Employers may choose to implement a traditional leave program (sick time and vacation) or a PTO system (bank of days from which employees can draw for vacation, sick leave and personal days). Surveys show that PTO programs are growing in popularity with employers as they can significantly reduce unscheduled absences. PTO programs also empower employees to make their own decisions regarding the amount of vacation and personal time spent away from work.
Another trend beginning to grow, especially in legal, accounting and management consultancy groups, is an unlimited vacation program. Vacation does not accrue in this type of program but rather is granted to employees when they need it. “Unlimited” can be a misleading term as the typical employee in these programs is performing in a high demanding role and isn't able to take as much time off as they might like.
Employers are also starting to offer extra paid time off for employees to participate in volunteer or charitable programs. The millennial generation is increasingly concerned with giving back to their community and such PTO programs appeal to them.
Using paid time off should be a vital part of any company's culture. Research has proven that companies with effective time off policies have less turnover and higher employee engagement.
Generally, employees who take vacation are more productive, healthy, innovative and happy.
Regardless of what vacation or PTO program a company implements, take it seriously and encourage the time away.
For more information, please contact the Fond du Lac Area Human Resources Association at firstname.lastname@example.org.
Disclaimer: The Fond du Lac Area Human Resources Association ("Association") provides the above information for general purposes only. While the Association attempts to ensure that the information contained herein is accurate, the Association is not responsible for any errors or omissions in the information, or for the results obtained from the use of the information contained herein. All information is provided "as is" with no warranties, express or implied, including warranties of merchantability or fitness for a particular purposes. The Association provides no guarantee or completeness, accuracy, timeliness, or of the results to be obtained from the use of this information. In no event will the Association, the Fond du Lac Association of Commerce, or either's officers, directors, employees, agents, or insurers be liable to any person for any decision made or action taken in reliance of the information contained herein nor for any incidental, consequential, special, or other damages resulting therefrom, even if advised of the possibility of such damages.
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