Flared jeans aren’t the only thing out of style, time off plans and vacation policy are trending in a different direction as well. There is no denying that the manner in which we work has changed over the years, and it would only make sense that time off plans would evolve as well. It seems that more companies are transitioning from traditional leave plan that segment sick and vacation leave, to a paid time off plan that is designed to have one “bucket” of time off. Along with a new plan, employers are upping the ante with additional time off. In a time when most employees find it difficult to maintain a work-life balance, being able to offer employees a generous amount of time off is a perk that gets most employees’ attention.
Traditional time off plans are comprised of segmented sick and vacation time, while a paid time off or PTO plan allows employees to use their time off as necessary. While each plan comes with advantages and disadvantages, more companies seem to be embracing the PTO plan as their vacation policy. For example, under a PTO plan, employees may feel more pressured to go to work when they aren’t feeling well, so they can save up for a more meaningful day off. On the flip side, other employees may take a sick day, even when they aren’t under the weather.
Recent surveys completed by AgCareers.com have also indicated a slight shift to more time off and an increased practice of PTO plans. In conjunction with the National Pork Board, AgCareers.com recently completed a Compensation and HR Practices Survey of the Swine Industry, surveying large and small producers of their current HR Practices. It was noted that small producers were more likely to offer a traditional leave program (49.21%), while the large producers were more likely to offer a paid time off program (34.48%). In addition, ag companies surveyed through the annual HR Agribusiness Review have noted more companies are offering time off, even in the form of holidays, to boost work life balance and attract and retain employees. As noted in the 2015 Agribusiness HR Review combined, 76.59% of companies provided between six and ten paid holidays per year. “Six paid holidays” was the most frequently selected response (23.40%), down from 31.78% in 2015, and seven paid holidays was up approximately 10% from 2015.
No matter the plan a company chooses to manage employees’ time away from work, the main thing is that plan work for the culture of the organization. If it seems the current vacation policy isn’t working, it may be best to do a little research to determine how the time off plan is impacting the organization in terms of employee morale, productivity and cost. One thing is for certain, no one hates a good vacation plan.
Learn more about the Agribusiness HR Review and the Compensation Benchmark Review to remain competitive in your compensation and benefits offerings.