Benchmark: Managing Paid Time Off
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 --
Stayed the same 16%
Among organizations with PTOs, cost of total time off --
Stayed the same 25%
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, an exploration of the ways Gen Y is changing the entrepreneurial landscape.
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