Donna Fenn

Benchmark: Managing Paid Time Off

Two graphs displaying information about companies that are using paid-time-off banks.

 

Of 360 large and small organizations recently surveyed, 17% currently use paid-time-off (PTO) banks; 13% are considering them. Eighty-six percent of those with PTOs report that the programs meet their objectives, which include reducing unscheduled absenteeism and giving employees more flexibility and personal responsibility.

Among organizations with PTOs, unscheduled absenteeism --

Decreased 47%

Stayed the same 16%

Increased 2%

Unknown 35%

Among organizations with PTOs, cost of total time off --

Stayed the same 25%

Increased 18%

Decreased 14%

Unknown 43%

Source: Hewitt Associates, Lincolnshire, Ill., 1994.

Donna Fenn is the author of Upstarts! How Gen Y Entrepreneurs are Rocking the World of Business and 8 Ways You Can Profit From Their Success (McGraw-Hill, 2009), about ways Gen Y is changing the entrepreneurial landscape. @donnafenn