Do you offer your employees enough time off? It’s possible you think the magic number of vacation and sick days should approach zero. However, offering the right amount of PTO can keep your employees happy and improve your recruiting efforts – all while still allowing you to achieve maximum production.
Of course, you want your top employees working every day possible. As result, you might treat PTO as a necessary evil — something you tolerate but want to keep to a minimum. However, there are reasons to take a balanced approach to days off.
Many employees see PTO as a crucial part of their compensation packages. One study found that one in five workers would prefer five more days off rather than a 10% raise.
So, is your company offering enough PTO? Here are some factors to keep in mind:
Values to Be Mindful of When Reviewing PTO
Comparing PTO Policies
Start by understanding the regulatory context as you consider your PTO structure. You have legal restrictions you have to keep in mind. Meanwhile, you have to consider cultural norms and worker expectations as well. This way, you can remain in compliance and stay competitive.
Canadian companies offer an average of about 10 paid vacation days per year. This is in line with government requirements (although Saskatchewan calls for three weeks of vacation).
This amount of PTO seems rather stingy compared to some other parts of the world. While Canada’s required vacation is in line with countries like Japan and Israel, it lags far behind places like Australia, Germany, Spain, France and the U.K., which each have laws guaranteeing at least 20 days of annual leave.
Finding the Right PTO Policy for You
While you operate amid a regulatory environment, crafting the right PTO policy ultimately comes down to your individual business. There are market and industry pressures that will shape your decision-making. At the same time, you want to build a structure that will work for you and your employees over the long haul.
Here are a few considerations to weigh as you devise your policy:
Staying Competitive
Looking at Canada (or any country) as a whole can provide a useful baseline. But ultimately, you have to compare yourself to your closest competitors. Consider the industry standards for benefits like PTOs before you set your own policies.
Promoting Work/Life Balance
The right amount of PTO improves your recruiting appeal and gives you an edge in retention. This is especially important in tight labor markets, like the ones that have played into the Great Resignation.
Part of this dynamic involves considering your employees as three-dimensional people. A generous PTO policy encourages a strong work/life balance, which can improve worker satisfaction and build the foundation for a long-term relationship with your best team members.
Looking at Long-Term Performance
Burnout is real. Your top performers will work themselves to exhaustion if you let them (that’s part of what makes them your top performers). This may seem like a benefit, but it can also morph into a long-term liability. Instead, use PTO to stave off burnout and lower stress — setting yourself up for sustainable long-term success.
PTO is an important factor in attracting and keeping to talent. However, you also have to find these top-level employees. Elby Professional Services can help. You’ll locate the ideal team members for your business.
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