Offer Unlimited Paid Time Off (The Right Way) To Attract Talent
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As a business owner or senior manager, I’m sure you’re well aware of the?unlimited paid time off (PTO) debate. Is this for real? Is this a joke? Like many of my clients, you probably shrugged it off as a fad or something that isn’t practical. But many companies are finding out it can be very practical, and a powerful benefit to offer.
That’s what a recent study conducted by HR platform?Namely?found. According to the study, 34.5% of the more than 1,000 companies surveyed offer an unlimited PTO plan, a number that has significantly risen over the past few years.
Yes, your business can have an unlimited paid time Off (PTO) plan. And sure, there are a lot of pros and cons, a few of which I describe below. But an unlimited PTO plan is not as hard to implement as you may think. And for me, the benefits significantly outweigh the costs.
So if you’re thinking about it, here are a few things that I’ve learned from some of my clients who are doing this the right way.
The first thing to know is that your unlimited PTO plan doesn’t have to be your only PTO plan. Most of my clients with unlimited PTO plans have multiple plans. For example, there’s a PTO plan for hourly employees which may be the standard 2–3 weeks of vacation plus sick days and then another plan for salaried or senior managers that allows more time off and may include sick days.
(Read the full column in?Entrepreneur)