Despite the growing discussion around offering employees paid time off as a benefit that gives them greater flexibility, the majority of employers continue to stick with the traditional vacation time benefit.
A survey by benefits consulting firm Lockton Companies tells us that 75 percent of large employers prefer to package time off as vacation time, compared to 38 percent who lump all paid time off into the PTO category.
An earlier survey by the Society for Human Resource Management that included smaller employers found just about the same trend.
The survey queried 184 human resources professionals about industry trends. Other results that popped up:
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The health care industry offers the greatest amount of vacation time when compared to other industries. On average, the industry starts at 165 hours for the first year of service and increases substantially from there.
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97 percent of organizations that do not offer paid vacation offer PTO programs.
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74 percent of organizations that do not off sick leave offer PTO programs.
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45 percent of organizations do not track turnover rates. “Since Lockton’s 2012 survey was released, fewer employers are tracking turnover. This is surprising, given the growing hype around ‘Big Data,’" Lockton said.
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Recruitment and retention of talented employees are key driving factors for employers who offer work-life flexibility in their workplaces. The most common form of work-life flexibility is occasional telecommuting.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
