Opportunities and Challenges of the Unlimited Vacation Policy
1 hour 30 minutes
Understand the ins and outs of an unlimited vacation policy and decide whether one will work for your organization.
For HR, vacation balances can be incredibly time-consuming. You have to worry about different accrual rates for different employees and set up tracking systems to account for those different rates. You have to make sure time off is being properly requested, approved, and accounted for. Another headache can occur every time a company has to pay out unused vacation days if an employee quits or is terminated from employment. These difficulties have lead many companies to implement the unlimited vacation policy. Unlimited vacation can be a real game changer. No more big vacation payouts at termination. No more financial liability on the company’s books. Plus, it can be a valuable benefit used to attract and retain the best talent for your organization. This topic will inform you on the ins and outs of an unlimited vacation policy and help you figure out whether one will work for your organization.
• You will be able to recognize liabilities with traditional vacation policies.
• You will be able to discuss the benefits of doing away with the traditional policies.
• You will be able to explain how to design an unlimited vacation policy.
• You will be able to identify some negatives of an unlimited vacation policy.