When considering whether or not to take a job, employees will weigh multiple factors. One of the most important? The company’s PTO plan. Without a great PTO plan in place, you not only risk missing out on top talent, but you also miss out on the unmistakable benefits of paid time off. It’s time to make paid time off a priority. We’ll walk you through the reasons why.
Paid Time Off (PTO)
Every year, employers will make decisions about which days to grant employees time off. A great starting point is to understand the federal holiday schedule. Federal holidays are days where government offices and banks are closed. Employers will often grant these days off to employees.
Ah, the glorious acronym “PTO.” Those three letters are one of the most beautiful sounds to any hard-working employee looking forward to some much-needed time off. Of course, most people know that PTO stands for paid time off—but how does paid time off work, exactly? Whether you’re creating a PTO policy for your small business or an employee seeking to understand your PTO, we’re here to break down how PTO works, the types of PTO, and more.
Before creating an accrual-based PTO policy you’ll want to focus on five key components: Accrual frequency, accrual amount, milestones, max balance, and carry-over limit. By understanding each of these keys, you’ll be able to build the paid time off plan that is best suited for the needs of your organization.
When it comes to creating the best paid time off policy for your company, you need to first gather details about your options. Here we break down four types of policies that you should consider before you decide a PTO plan for your business.
Everybody loves the adage, “Work hard, play hard.” Not only is this a fun way to live, but building this lifestyle into your company culture is a great way to attract top talent and keep your current employees happy and productive. In the workplace, “Work hard, play hard” goes by a different name — PTO.