A new study from Hewitt Associates, “Managing Time Off 2000/2001”, found that 18% of responding companies had a PTO bank in 2000, compared to just 6% in a 1997 Hewitt survey. More than half (53%) of those with a PTO bank implemented them in 1998 or later.
For the purposes of this study, a PTO bank must have included both sick days and vacation days. In addition, personal days, holidays, floating holidays, and/or family illness days were also allowed.
Over and Out?
- 63% of the companies surveyed allow vacation carryover for exempt employees, while a comparable 64% allow it for hourly workers
- 15% allow vacation cash out
- 10% allow vacation buying and/or selling.
- Among the 69% of companies who track sick day use, exempt employees took an average of 3.7 sick days in 1999, compared with an average of 4.7 days for nonexempt workers
- Over half (59%) of companies allow employees to use their own sick days to care for a family member
- 59% of the companies provide short-term disability (STD) benefits for exempt employees, a slightly higher 62% provide them for nonexempt employees
- 54% of the companies provide sick days for exempt employees, 56% provide sick days for nonexempt employees
Sabbaticals/Vacation Bonus Programs
5% of the companies currently offer paid and/or unpaid sabbaticals, most often to:
- 77% – allow employees to refresh and recharge
- 54% – increase employees’ personal growth opportunities
- 35% – allow employees to contribute to the community or society
Just 5% of the companies surveyed currently offer a vacation bonus program, with the vast majority (90%) citing a reward for employees after a specific period of service. However, nearly half (43%) said it would enhance the ability to recruit desired employees, and 38% said it allowed employees to refresh and recharge.
More than 500 organizations from diverse industries participated in the survey.