Employers are increasingly looking for ways to attract and retain the best talent in consultation with their advisers. One approach that is gaining momentum is shifting from accrued paid time off, which allows employees to earn PTO over time, to unlimited time off. But the transition isn't always a smooth one.
With job openings in the U.S. outnumbering unemployed Americans by a margin of more than four million, companies are doing everything they can to draw top talent and keep employees engaged. According to a recent report from The Wall Street Journal, starting salaries and annual pay raises for existing employees are growing at their fastest pace in 25 years. And while cash may be king, employers are also experimenting with nontraditional policies — including unlimited time off — to gain a competitive edge.
Mentions of unlimited time off in Glassdoor reviews increased 75% over the past three years, according to analysis from the job-reviews site, and the companies that offer unlimited time off receive more favorable ratings of their vacation and PTO policies. Just how much does a company's time-off policy affect its ability to recruit talent? A 2022 study asked job seekers to rank their top influences in deciding whether to accept a job offer. Three out of 10 respondents cited proportion of work to time off as a key consideration, up from 24% in 2021 and second only to overall compensation as a deciding factor in the job hunt.
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