With the competition in today’s job market being so high, hiring efficient, skilled, top talents in the fastest growing industries and most innovative companies just got tougher. Suddenly, the usual offer of exclusive memberships, performance bonuses, healthcare insurance, as incentives is no longer enough to attract the best people for the job. You may also like employment verification forms.
Businesses, both big and small are now re-evaluating what seem to have been generous incentives to retain employees and keep them in the service of the company for as long as possible. But, it still begs the question of what a company can offer the employees as benefits not to report for work while in fact being benefits that encourage them to actually be more dedicated to working. Talk about hitting two birds with one stone. Big companies like Netflix for example, are giving their workers paid unlimited paternity and maternity leave, for what could be a better gift, especially for new parents, than being present during the first waking days of their child? It covers not only births but also adoptions. You may also see holiday request forms.
Furthermore, when these employees finally decide it’s time to report back for duty, they have the option to either work part time or full time. They can also take additional time off which would be paid, in warranted situations. Sounds like a wonderful deal, doesn’t it? It’s not that easy to just offer incentives that compete with what other companies in the same industry are offering too, though. Being able to organize a vacation policy with added paid time off credits to boot, may seem really simple. Let’s just draft a policy, hand it to HR and be done with it. If only it works like that.
Redesigning your leave policies to fit today’s competitive demand for leave incentives can become quite complex and confusing. Technically, the United States also has no existing federal laws mandating employers to provide paid vacation, so the options are vast and broad when it comes to structuring and justifying policies on leave benefits. These days, it takes twice the time, effort, and planning for the establishment of paid employee time off that would keep the workforce satisfied and productive while making sure the company can also account for it. The number of available heads working in one day is so important on so many levels. Headcount almost always ensures stable productivity, the accomplishment of the day’s job and the smooth flow of a business’ operations. One head missing can already have a great impact, that’s why a company cannot just give away and allow an unprecedented number of time offs for employees who say they need it.
This is also one reason to consider vital factors in structuring vacation time for employees. One of these factors is company culture. For the most part, companies encourage work-life balance to keep employees motivated and working to the best of their abilities. Another is the workforce itself. The members of your team surely have a common denominator. Who are your employees? What kind of lives do they live outside of work? Are most of them too young to be married? Or are they composed of people already on their way to building families of their own? Those are some of the questions you need to ask yourself, to program a PTO incentive and fit it to the majority’s needs. Last is the business location. If your office takes almost an hour for most employees to get there and takes twice the time in going back to their homes on rush hour, then consider the allowable hours for time off too. When the situation calls for it, they may have to get on the train 2-3 hours before the business closes.
The transition to a paid-time-off policy from your traditional vacation leave system has a great chance to work to the advantage of both the business and the employees alike. Paid time off is a number of days from which the employees can use for personal reasons, emergencies, state responsibilities like jury duty, in case no definite jury duty policy is in place, sick leave, doctor’s appointment, parent-teacher meetings and of course, vacation. Using a well-defined PTO program, different organizations, especially those for profit, can significantly lessen the amount of unscheduled, unaccounted absences incurred in a cutoff period. Companies trying to compete and be a step or two ahead of the rest in attracting and keeping the most worthy and bankable employees must consider shifting to a PTO design if nothing holds them back to do so. Obviously, it’s not gonna be that simple for businesses who don’t have the financial means to gamble with having this type of incentive, just for competition’s sake. Maybe not just yet, while they still have a lot to lose more than they can gain.
Indeed there are many advantages for companies everywhere in the country to have a major PTO evolution, and these are just some of them:
1. It means the company treats the employees as reasonable adults who have entitled the use of their PTO credits assuming the responsibility it entails, without oversight. It is no longer the supervisor’s position to monitor and oversee the proper use of this benefit. You may also see position request forms.
2. Paid Time Off allows the company to exercise more control on instances of absence without leave or failure of reporting for duty unscheduled, which has been a recurring problem in business, costing daily profit losses. Employers will then be able to anticipate and sample schedule the use of time off prior to the absence of coverage for work.
3. The workforce appreciates and holds importance to the flexibility that PTO offers. It allows them the use of their incentive at times when they really need it, without having to worry about being flagged for not using their vacation leave time, no matter the reasons, be it for attending to their children’s needs or simply enjoy a rare family time outside the state. The process is also shorter, most of the time. You may also like check request forms.
4. There might have been times in the past when employees weren’t entirely honest about reasons to take time off from work for fear of having their manager think ill of them and be discouraged with what they offer to the job. They want their manager to think positively of them. PTO, on the other hand, gives them the opportunity to make adult decisions thereby providing them zero reasons for being untruthful. You may also see check request forms.
To attract and keep high-caliber members of your organization, your paid time off policy should be compelling for both existing tenured employees and job candidates. Although your PTO and leave incentives to play a big part in tempting new talents to come work for you, it is also vital to design the policy so that it rewards tenure at the same time. Giving it only to the new members will send a wrong message to the rest of the workforce. When you get the time to review the policies you have established for PTO, try to increase and customize it, as you go along and as long as the company as a whole, can afford it.
Some companies have this underlying negative message behind taking advantage of PTO. For example, although the company allows a certain number of days or an accumulated time for time off, there is a lurking undertone that they really discourage it. A business can have all the amazing vacation benefits and leave policies envied by thousands of employees working in competitors’ companies but if the employer neither discourages nor encourage taking advantage of it, then it can result into ugly reviews in Glassdoor. This, in turn, will cause drawbacks in scoring top talents for vacant positions. Likewise, if the company receives great feedback, then it also gains a great reputation for its attractive vacation and PTO policies, thus increasing the company’s popularity to hire the best people.
A survey in Glassdoor indicates the average Joe as an employee who only takes advantage of 50% of the vacation time they earned. When they apply for it and their request is already granted to use their time off credits, 61% admits they worked anyway. However, research generally says employees who take time off from work contributes more and are able to offer more since they feel more recharged and have a newfound energy to multitask when they just came from a vacation. Sure, your employees may have PTO options for the taking but make it a point to still encourage them that it’s okay to recharge and take the time off, especially when they have more than earned it. You may also like excel form templates.
The modern-day employee lives a fast-paced life with a demanding work schedule because competition in business is always on the rise. Making them get a well-deserved break is one way to reward them and make them feel every bit the front liners that drives a business forward.