Hello, my company is looking to implement an accrued vacation plan.
Currently, all employees receive 3 weeks. Does anyone have any suggestions of when vacation should increase with years of service and by how much? I'd like to propose a generous, but fair vacation policy.
I design comprehensive benefit packages for our clients nationwide and standard vacation plans above the initial three weeks adds a week per year for management and C suite. We also bring in other perks programs, voluntary benefits and more depending on size of our client and their goals. We focus on recruiting and retention as well as ERISA compliance. If you would like a free consult, give me a call (404)-446-8801. Sandra
Hi. At my last employer (tech industry, known for being progressive) all employees started with 3 weeks. At 3 years of employment, they moved to 4 weeks, at 5 yrs employment 6 weeks. Vacation capped at 6 weeks.
Startups are offering "unlimited vacations" with most people taking 4 weeks a year to start.
Thank you! We will not be taking away any time, but as length of service increases, so will vacation. I agree that the unlimited PTO is definitely something to consider for our C-suite.
Yikes! I would suggest grandfathering current employees at their current rate. Before you make a sweeping change, I would consider what outcome you are trying to achieve. There are different ways to approach the issue depending if you are trying to save money, need more staff available, etc. You may want to think about your total compensation package by role and what you will need to attract and retain employees. You may need more vacation (maybe even unlimited) for higher level positions just to attract candidates whereas, entry level positions will likely be competitive starting with one week. In general, I think 1 week year one, 2 weeks years 2-5, 3 weeks after 6 years if pretty standard. If you are accruing it - that means you will get a fraction of time each pay period. You will also need to decide if vacation can be taken in hourly increments or half and whole days. Your current policy is a rare benefit - consider the impact of taking it away carefully. Hope that helps!