Issue link: http://palletcentral.uberflip.com/i/1161332
palletcentral.com PalletCentral • July-August 2019 31 Government mandates aside, smart business owners and managers know that a good paid time off policy will not only help attract great employees but will keep current workers happy. And in these times of low unemployment, such a benefit can make a big difference. So what's the best vacation policy for your business? There are really only three choices. You can offer a standard two-, three-, or four-week vacation plan, where employees earn their vacation based on years of service, and are also able to take advantage of a separate number of sick days each year. Or you can provide a more flexible policy, where you give your employees a set number of days off per year (again, based on years of service), which they can use any way they'd like. Third, some employers – particularly large companies like GE and accounting firm Grant Thornton, as well as tech firms like Twitter and LinkedIn – have offered unlimited vacation benefits where as long as the job gets done, employees can take as much time off in a year as they want. This may be working for them, but it isn't for everyone. "Unlimited paid time off simply isn't an option for our small business," says Michele E. Gehring, a principal at King of Prussia- based Coterie Environmental. "We need to be able to count on every member of that team to be present on a routine basis. Something like unlimited PTO would create strain on resource availability." All of these policies have their pros and cons. But a study released last week from human resources professional organization WorldatWork found that some trends are emerging. According to this study, which looked at more than 500 employees, 63 percent of organizations that offer flexible PTO plans also allow their employees to make immediate use of the benefits as opposed to earning the days off over a period of time. Another interesting trend: one in four employers in the study allowed employees to redirect unused paid time off to other employees in the company or their retirement plans, or for a charitable donation. And although more than a third (37 percent) of employees don't use all of their paid time off in a year, the study found that organizations with "use it or lose it" policies have been able to reduce that number to 19 percent. Consistency and fairness in implementing a PTO policy is also critical. Paychex, according to Trabold, "strongly encourages" clients to set expectations with their employees in advance – especially around the acceptable use of PTO and the approval process – and to implement it as consistently as possible to mitigate claims of discrimination. Having the right paid time off policy (and requiring your employees to use it) isn't just an important recruiting tool. It's a critical part of making sure your people are happy, healthy, and rested enough to do the best job for you. "Burnout is a real challenge for business and makes people so much less effective at their jobs," says Brittany Reed, owner of Tesoro Leather Studio in Philadelphia. "We all should take more time away from our jobs when possible. We don't live to work; we work to live." 1. U.S. Profits 2. Cash 3. Profits in China Disconcerting Profit and Cash Signals in the U.S. and China T here is a reason you may be feeling that your company's rising trend is losing momentum or stalling out. It could be that you are feeling what is going on for the economy at large. That means any remedy for the short term must come from within your company, not from external factors. Reading Three Indications Economic Conditions May Be Worse Than You Thought By Brian Beaulieu iStockphoto.com/Khosrork