Opportunities and Challenges of the Unlimited Vacation Policy
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Find out if an unlimited vacation policy is a good fit for your company.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.
AuthorsRebecca D. Bush, Esq., SmithAmundsen LLC
Liabilities With Traditional Vacation Policies
• Various State Wage Payment Laws
• Implications of Improper Deductions
Benefits of Doing Away With Traditional Policies
• Eliminates Accounting for Liability of Accrued Time
• Recruiting/Retention Tool
Designing an Unlimited Vacation Policy
• What Type of Employee Does the Policy Work for?
• How Will You Deal With Abuse?
• How Will You Factor in FMLA and Other Unpaid Leaves?
• When You Might Want to Avoid It All Together
Negatives of an Unlimited Vacation Policy
• The Downside of Employees Not Taking Vacation
• Inadvertently Punishing the Overachiever