Dear Littler,
Recently I became the Chief Financial Officer at a growing company. We are in solid financial shape, but I have concerns about financial liability the company is carrying on its books in the form of unused vacation. In the coming years, our plan is to open new locations in multiple states and to increase employee headcount. Our industry is competitive, so to succeed in these new markets we need to attract top talent. My benefits people tell me this means our company perks – including vacation – need to stand out (FWIW, we also offer paid sick leave that we use to comply with any legal mandates). I want to be generous with our employees, but also need to ensure that the company is stable enough to support itself – and our employees – when economic times are tough. I want to repackage our vacation policy in a way that doesn’t result in employees’ packing their bags, but the whole thing is stressing me out. I need a vacation from our vacation policy!
—Chief Worrying Officer
Dear Chief,
You are right to worry about financial liabilities your company is carrying while also worrying about your employees. In many states, vacation pay can feel like both a benefit and a burden for employers. But worry not, this isn’t our first trip to “vacationland.” Below are some potential things to consider when constructing your vacation policy “itinerary.”
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