Are Your Paid Time-Off Benefits Competitive?

When was the last time your organization reviewed the paid-time-off benefits it offers employees? Many employees and job seekers are looking for a balance between their work and personal lives. What kind of benefits will give you a competitive advantage when retaining and recruiting employees, and how much paid time off will you offer?

MSEC recently published its 2014 Paid Time Off Survey, which covers benefits such as paid holidays, sick leave, personal time, vacation, consolidated PTO banks, jury duty pay, military leave, parental leave, and other leave policies. The following chart shows the most common paid-time-off plans employers offer to attract, retain, and assist employees with their work/life balance needs.

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* A formal plan providing a bank of days to be used by each employee as desired. These consolidated plans typically include vacation, sick leave, and personal time.

How do the number of days based on years of service compare between traditional paid-time-off policies vs. Consolidated Paid Time Off*? The following data represent all organizations in the 2014 Paid Time Off Survey, which includes Arizona, Colorado, and Wyoming employers.

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* A formal plan providing a bank of days to be used by each employee as desired. These consolidated plans typically include vacation, sick leave, and personal time.