Paid Time Off From Work
A comprehensive employee benefits package is not at all complete without the inclusion of paid time off from work. As part of the package, the employees get a variety of options for paid time off wherein the employers provide a number of days, which are classified in such a way that is suitable for both employers and employees. Various kinds of paid time off from work include:
- Paid vacation days
- Paid personal days
- Paid holidays
- Paid sick days
- Funeral leave
Reasons like simplicity and lack of desire in employees to take care of time off are pushing employers to opt for paid time off policies that eliminate the need for vacation etc.
Paid vacations are actually a kind of time off work which a company provides to its workforce as a part of benefits. The number of paid leaves is generally calculated based on the employeesâ€™ years of service with the company along with the designation held. The Federal Law in US does not enforce or recommend paid vacations to be implemented mandatorily by the employer; itâ€™s fully upon the discretion of the employer to offer paid vacations.
The paid vacation benefits are so common that the employees expect them as a part of the comprehensive benefits package. Most of the organizations offer a certain number of hours off during each pay period with the company. The paid vacations in the US range from 5 to 30, whilst in many parts of the world, paid vacation policies are much more flexible.
According to a study at salary.com, done by the Society for Human Resource Management in the year 2004, benefits were described as follows:
- An employee with one year of service receives around 9 paid vacation days
- An employee with two years of service receives around 10 paid vacation days
- An employee with three to four years of service receives around 12 paid vacation days
- An employee with five years of service receives around 14 paid vacation days
- An employee with six to seven years of service receives around 15 paid vacation days
- An employee with eight to nine years of service receives around 16 paid vacation days
- An employee with ten years of service receives around 17 paid vacation days
- An employee with 11 to 13 and 14 to 15 years of service receives around 18 and 19 paid vacation days, respectively.
Advantages of Paid Time off Policy
- This policy facilitates the employees to use paid time off at their own discretion, since the employers treat them as adults
- This policy empowers the employers with certain checks over the unscheduled absence from work, which is also an issue related to productivity and commitment
- Employees like the flexibility offered by paid time off policy
Disadvantages of Paid Time off Policy
- Recent stats reveal that new employees are slower in accumulating their paid time off as compared to the long term employees
- Employees consider paid time off as a benefit and have a tendency to utilize all the time off awarded
- Employees consider the paid time off as their vacation time while they show up for work when they are down with illness
*Salaries are subject to change with time and may vary with company policies, general economic scenario and other factors mentioned above