Evaluating Your Paid Time-Off Strategy: PTO Or Traditional Vacation & Sick Pay?
Working in HR today requires managing the challenges of paid time off plans. While some PTO plans work well and employees are happy and satisfied with how the plan works, others can be expensive and even cause negative or cultural issues when some employees “call in sick” – even when others know they aren’t really sick and have to work harder to cover for a co-worker who is absent.
Unfortunately, unscheduled absenteeism is costing employers a bundle: on average 2.8 million work days each year due to unplanned absences - at a cost of more than $74 billion a year
Regardless of an employee's need to take time off from work, supervisors and managers are left with "holes" in work schedules. And, over time the frustration builds when it becomes more difficult to accomplish organizational goals with so many unscheduled absences. This not only creates friction and resentment, but it can easily lead to interference and retaliation claims under the FMLA.What You'll Learn:
In this informative audio conference, we’ll explore the pros and cons of traditional paid time off plans vs. the more contemporary PTO bank type of plan. We’ll also take a practical and comprehensive look at how a properly designed, implemented, and communicated PTO bank can be a win-win proposition for both you and your employees.
By the end of this session, you will be able to:
- Recognize the fundamental differences between a Traditional Plan and a Paid Time Off bank to take a more strategic approach ing making an organizational change
- Learn the critical factors to consider when creating or changing a PTO policy - and how it can positively or negatively affect your organizational culture
- Structure a PTO policy in conjunction with federal employment laws such as FMLA, OSHA, ADA, and the FLSA
- Discover how to handle carryovers and cash out options - especially in states that require payment on unused vacation and personal time at termination (such as California and Illinois)
- Assess, design, communicate, and implement a cost-effective PTO plan for your company