Unlimited PTO can support the way people work now For example, the platform can be programmed to prohibit selling any time off until the employee has taken at least two weeks of PTO. These platforms allow employers to set guardrails that limit the amount of time that employees can sell as well as ensure that employees use some of their PTO before they sell it. Now vendors have emerged in the market that can support the conversion of PTO to cash throughout the year, or to cash-like benefits such as student loan payments or contributions to the cost of a vacation. The practice of allowing employees to sell excess PTO time during annual enrolment in exchange for cash has been around for years. Floating holidays can also help advance diversity, equity and inclusion goals by allowing employees to observe the holidays that are important to them instead of just the ones selected by their employer. Rebalancing the mix with fewer fixed holidays and more floating holidays provides additional flexibility. Most employers offer a mix of fixed and floating holidays. In 2021, 68% of employers responding to Mercer’s Absence and Disability Management Survey offered a PTO plan combining vacation and sick days. Not only does this approach give employees more flexibility in how they use their time-off, but it can also streamline administration, eliminating the need to track whether a specific day off is because an employee has a minor illness or because they’re extending a long weekend. Many employers have found that they are better able to address the time-off needs of a diverse workforce by combining vacation and paid sick leave into a single paid-time off (PTO) plan. If you haven’t yet made the move to a PTO plan You should also be prepared to answer questions about a 4-day work week - because if you haven’t gotten them yet, you will! Meanwhile, before we get sidetracked thinking about ways to spend that extra day off each week, here are four things employers can do to add flexibility to their time-off policies right now. Whether you did or didn’t, now is a good time to take stock of your programs and policies and look for opportunities to improve competitiveness and ensure compliance. Many employers made changes on the fly to their time-off programs during the pandemic. Work flexibility and time off are more important to employees than ever before.
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