Staying competitive: One tweak you should make to your PTO policy
If you’re still making employees wait one-to-three months after being hired to use their paid time off (PTO), you may wind up losing top talent to the competition.
That’s because more than half of employers (56%) allow employees to start using their PTO the day after they’re hired, according to a recent WorldatWork report.
Plus, another 9% allow employees to start using this time at the beginning of the next pay period.
90-day waiting period still common but …
Here’s the rest of the breakdown on when the rest of the employers from the study allow employers to start using their PTO:
- At the beginning of the following month (6% of firms)
- After 90 days/three months of employment (23%)
- After six months on the job (3%), and
- After a specific number of days (2%).
Employers that do allow new staffers instant access to PTO do put some pressure on Payroll staffers to get the tracking right. One way to safeguard this process: Get managers involved.
Have managers encourage their direct reports to look at the time accrued info on their pay stub after each pay period. This should ensure Payroll is alerted as soon as a problem takes place.
