The Limits of Unlimited Time Off
As summer vacation season gives way to the sprint to year end, companies offering unlimited time off intend for employees to have had plenty of time to recharge the batteries. Half of CEOs (54%) in the Transformative CEO Community think that’s likely to have happened, believing the most likely outcome of offering an unlimited PTO policy is that employees take an “appropriate or average number” of days off work.
The other half are divided, however, believing actual time off taken in unlimited PTO arrangements is either too many or too few days taken. And more often, CEOs suspect it’s too few. One-third of CEOs (33%) believe it’s more likely that employees end up not taking enough days off work, compared with 13% of CEOs who believe it’s more likely that employees end up taking too many days off work.
From the employee perspective, just 9% of workers currently have access to unlimited PTO, despite 50% of workers saying they would take unlimited PTO over higher pay (Fortune, and Harris polling reported in Fortune), making such policies – if administered effectively – an interesting tool for CEOs to consider as part of their strategy for employee recruitment, wellness and retention.