Most employees look forward to the paid time off that is allotted to them. On the opposite side of the spectrum, employer feel stressed out by giving vacation days and paid time off. The last thing you want is to lose some of your best employees when you need them the most, because even the shortest leaves of absence can cost your bottom line.
In fact, some companies, as a strategy to try decreasing the number of paid time off, increase paid sick days in the hopes that employees won’t be taking as much time off. This usually backfires because more employees than ever before are calling in sick. But no matter which side of the fence you may be, offering paid time off has a lot of purported benefits for both companies and employees.
Let’s discuss some of them in greater detail
1. No More Unscheduled Absences
The thing with sick days is that employees can cash in their allotted days without giving you any notice. This means there is a greater chance of a crucial team member going missing when a major project needs their expertise. With PTOs, employees are required to give a prior notice that should give enough time to their line manager and fill in a quick replacement.
2. Gives You a Competitive Edge
If you want to attract a high quality of workforce, you will need to up your A-game when it comes to offering more attractive compensation benefits. To this end, PTO packages are extremely effective at gathering top talent. A comprehensive PTO package defeats sick days any time of the year. In fact, one of the most important factors that highly skilled individuals seek is PTO.
3. Affordable Administrative Costs
Because of the nature of sick days, your human resources department will spend quite a bit of their resources tallying up with employees to validate their time off. However when employees go on paid time off, they simply have to chalk it up in their database, which is as easy as jotting the number of days off with a pen. This is because their reason for absence is irrelevant and frankly, no one else’s business.
4. Increased Control
With Paid Time Off, employees are able to decide when they want to take a break from work. In many cases, they don’t even have to report the reason for absence to their superiors. The best part is, that when employees go through burnout, which is fairly common in corporate environments, employees can cash in their paid time off and recharge. This way, when they finally do return to the office they will be energized and ready to take on new projects.
5. Employee Retention
A job, no matter how good a person gets at it, is still a job. Employees don’t want to feel stuck in their organization with no prospects of a break. So it comes as no surprise that the moment they start feeling claustrophobic, they call it quits.
If you’re having troubles designing a comprehensive paid time off benefits, it helps to get in touch with experts who have been involved in employee benefits for years. Get in touch with our consultants at JS Benefits Group to learn more.
