Want Happy Employees: Paid Time Off is the Answer
Oct 17, 2023
If you’ve been in the workforce any time at all, it should come at no surprise that employees have an expectation of earning paid leave time, or PTO. In fact, some states have even passed legislation that requires employers to provide some type of paid leave time to their employees. 27 states to be exact. And that number is expected to continue to grow. However, the type of leave time required, whether it is categorized as PTO, sick time, family leave, or even jury duty, varies depending on the legal requirements of the state.
Regardless of the type of leave time offered, the effects of paid time off can make a significant difference in both employers’ and employees’ lives. But employers need to be aware, before a paid leave plan is put into place a company needs to determine how leave will be tracked and how they will stay compliant.
We’ll talk compliance in a minute. But first, let’s hit on the top benefits of offering paid time off:
- Work-life balance and employee happiness
- Gain a competitive advantage
- Compliance with legal requirements
Work-Life Balance and Employee Happiness
It’s a fact that 80% of employers say that they have seen a dramatic increase in retention after implementing a PTO policy. This proves that prioritizing employee well-being can have an impact on a company’s overall success. When employees feel valued and appreciated, it creates a positive work environment where they feel motivated to give their best. Can your policy accommodate this?
Picture this: you’re a hardworking employee, juggling multiple tasks, deadlines, and responsibilities. Wouldn’t it be amazing to have some time off without worrying about your paycheck? That’s where paid time off (PTO) comes in. By offering PTO you’re giving employees the opportunity to relax and reset. Whether it’s taking a beach vacation with the family or just taking a day away from the office to get some things done, time spent away from work reduces stress and allows employees to recharge emotionally and come back with renewed energy.
Gain a Competitive Advantage
Paid time off/work-life balance are not just buzzwords, but they are a crucial aspect that plays a pivotal role in attracting and retaining talented employees. With the ever-increasing demands of the modern work environment, organizations that prioritize the well-being and happiness of their employees are the ones that truly stand out. Retention of great talent is a must, and creating benefit offerings that make your employees want to stay is one of the boxes that must be checked. You may be wondering “What’s in for me?” It’s not just employees who will reap the benefits, but employers stand to gain as well. Implementing a comprehensive PTO policy will enable you to foster loyalty among your workforce, enhance employee retention rates, and attract the best talent. In fact, this policy can even serve as a valuable bargaining tool when negotiating employee offers.
Offering PTO can be looked at as a burden or it can be looked at as an opportunity to “Change Lives.” Changing lives is a big piece of the HireLevel mission statement “Bringing people with diverse backgrounds together, creating opportunities, growing communities and business, changing lives.” We are proud to say that our generous policy has changed the lives of many of our employees.
Compliance with Legal Requirements
While providing PTO is a valuable perk, it’s also essential to comply with legal regulations. We know that tracking PTO accruals, managing time off requests, and ensuring compliance with laws can become overwhelming. Accurate timekeeping is a federal and state wage and hour requirement. States like Arizona, New Mexico, California, and Illinois (coming soon in 2024) have paid leave laws.
How are you tracking employees’ paid time off? I don’t suggest relying on a spreadsheet or manually writing it down. You need a reliable partner to streamline your policy with automation and ensure you are in compliance.
Our timekeeping software can turn time-consuming processes into streamlined, efficient, and compliant business practices that will allow you to focus on your business. When you partner with HireLevel we will be with you every step of the way to ensure your correct time-tracking policies are set up during implementation to get you off to a great start.
So, there you have it, by offering PTO, you’re not just providing your employees with a chance to unwind and recharge – you’re investing in their happiness, well-being, as well as your company’s growth. It’s a win-win situation!
Take the first step towards fostering employee happiness by scheduling a meeting with us!
