24 Sep Is it Time to Rethink Your PTO Policy?
One of the most essential workplace benefits is paid time off. Most employers offer their full-time, salaried team members some days away from the office; however, the way you structure these days is important.
Historically, many companies have offered time off in two distinct categories—vacation days and sick days. But today, more and more businesses are moving toward a single pool of days that employees can use at their discretion—PTO days.
For many home services companies, this pooled approach can make a lot of sense—and for a few different reasons.
PTO Helps with Planning
We all know what a headache it can be when employees call in sick at the last minute, and a substitute has to be found on the fly.
When you switch from sick days/vacation days to a single pool of PTO, you may find that this happens less and less.
That’s because PTO days are planned out in advance, not at the last minute—and the employee who wants to take a mental health break, or to have a day to run errands or go to appointments, will likely request that PTO with plenty of advance warning, as opposed to claiming a “sick day” at the last minute.
Employees Prefer PTO
Another consideration is that the majority of employees really like this pooled PTO policy—especially those who don’t typically need a lot of sick days and would prefer to use this time for long weekends or vacations.
This is especially true of younger workers; when you’re hiring people in their 20s, they’re probably a lot more concerned with having work-life balance than they are with having numerous sick days in the bank. Having a more flexible PTO policy can help with morale as well as retention.
Updating Your Approach to PTO
Switching to a new PTO policy isn’t without its challenges; it may even require a change to your payroll system. But for most companies in the home services industry, the change is worth it. In the long run, it can have a positive impact on scheduling, absenteeism, and employee morale.
Do you have any questions about how to implement a new PTO policy? We’d love to talk with you about any of your home services business needs. Reach out to the team at Contractor in Charge and let’s start a conversation!