"Flexible" Vacation Policies at your firm?
Anyone else seeing this becoming a trend or being implemented at their firm? EY just announced this...with much skepticism, high level overview of what this looks like:
What's new:
- Take the amount of vacation time that you need
- No set number of vacation days based on rank or years of service
- No more keeping track of vacation time. You won't accrue vacation or lose unused time
This sounds like a lose-lose type of policy to save face for employees working from home. Vacations lose chargeability, isn't really "paid" (the benefit is vague), no incentive to take vacation now, no requirement for the firm to pay you out on unused vacation?
It also screws people who worked hard for promotions with better time off packages...now everyone from your 1st years to your 10+ yr veterans are flying under the same time-off expectations? Give me a break (literally).
Anyone else seeing this at their firms or heard of similar? What are your thoughts
My company switched to this about a year ago and, while I think I have been very fortunate, it has been incredible. Get your work done and take off when you want. It really is that simple. I have a feeling though, based on the sentiment I have seen on this board, that my situation is somewhat of an exception. It feels like I have heard so many stories of these policies ending up in people pressuring others to never take any time at all.
As for the comment on how it screws people who worked hard for promotions... seriously? This isn't taking away from those people's time off. They still get the same if not more. Should we never improve the work place because someone else had it harder before? Next you will get on here and talk about how the big boss is getting screwed because everyone else now has comfortable chairs to work from and they worked hard to get that office and nice chair. Don't be so petty.
We have this at my firm - I love it.
It's time for all of us in the corporate world to stop obsessing over 'time served' and get with 'production'. Why make me, or your employees, waste all this time and/or worry about whether they can take a day or two off for a wedding? Or take personal time should they need it? People work better when they don't have to worry about administrative bullshit like time off, PTO vs. whatever. Focus on getting your shit done - and know the expectations of the job.
For those who have accrued the 'max' time off to try and get an exit bonus or whatever - you've done it wrong. Sorry. I do understand the point that there is X value in your days and that this lets the company off the hook on that - and when we transitioned, it was certainly an issue that must be managed. But certainly over the long run this is beneficial for the majority and really most everyone.
What it does need to come with is an understanding from management, across the organization, that people should be able to take time off and it should be encouraged. That is where this can be mismanaged - where one group can't take any, another one gets a ton of flexibility - resentment follows.
Lastly - It's just another benefit they take into account when they do compensation. I'd much rather have the compensation than have them 'count' it as part of my benefits package. Let companies focus on paying their people and building a culture of grown ups, who can manage their time vs. all this bean counting time off crap.
Honestly this is how a lot of smaller companies work anyhow. It's much more healthy for a company to have a "just get your work done" mentality than a facetime/clock in & out mentality. The whole idea of saving up days or hours and scheduling your life around your set vacation balance or whatever sounds to me a whole lot like asking to use the restroom in kindergarten. Imagine only being able to take 4 days off work for a vacation when you want to take 5. I wouldn't last long in that kind of environment.
This is my current issue at my boutique REPE... It's miserable.
These are all really good points.
I feel like I would probably be all for it, were it not for some of the toxic work elements in consulting (i.e. billing - some practices/domains monitor actual utilization, which they calculate vacation, vs effective utilization, which only factors "bench" time...there is also a bad rep for people who use up all vacation days). Plus some directors/partners have reputations for pulling vacation logs on everyone, even top performers.
I did a rough estimate of the calculation - EY probably offloads $40-60mm in PTO hours they could potentially have to pay out. However, no one appreciates gaslighting and being told that "we listen to your requests and act on it."
This is how I've always run our companies. People just have to make sure they are being reasonable, meeting their OKRs, and not leaving the rest of our team with some ridiculous fustercluck to resolve.
Very common in tech, but I guess it hasn't permeated finance yet.
most people who work at EY were not taking all their vacation days...and since 25% of entering class leave each year...they were banking those vaca days and getting paid out on them when they left...to the tune of $35 million per year....this is strictly a cost savings action for the owners.
however, for pregnant employees....this is great, because you get extra maternity leave....these are the people who will benefit...but thats about it
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