Paid Time Off (PTO)

 

 

 

 

The benefits of having Paid Time Off:

 

American workers prefer to take paid time off (PTO) because it will help them relax and recharge from a stressful workforce. When they take PTO, they have the opportunity to do what they enjoy as spending time with family and friends or going on a trip. Encouraging workers to use their PTO will make workers happier, healthier, and more successful.

 

Lets go into details!

 

Happier personal lives:  Companies who courage their employees to use their PTO have happier personal lives. According to the U.S Travel Association, 74 percent of employees whose companies encourage PTO use report being “extremely” or “very” happy with themselves and most importantly with their family and friends.

 

Happier to work: For those employees that use their PTO sre also more happy with their job work. Over 55% of extremely happy employees are encouraged to use PTO while only 32% of the total population.

 

More successful and financially secure: Companies that tend to encourage PTO employ more people who are “extremely,” “very,” or “somewhat” happy with their professional success and also their personal financial problems while those companies who don’t encourage their employees, send mixed messages, or send no message on PTO for their employees.

 

 

Those Who take all their PTO are most likely:

 

• Female senior business leaders, workers over age 55, older women and non-college educated women are all more likely to take the opportunity of PTO from their company.

• A policy that is called, “Use it or Lose it”  also compel workers to take all their PTO. AS 84% who lose their unused PTO at the end of the year plan to take all of it.

• Employees who use all their PTO also have a higher degree of happiness in their lives

 

Reasons why employees are challenged in taking PTO

 

While some employees are looking forward in taking PTO, some employee are challenged to taking their PTO. The number one reason why they may not want to take it is because they will go back to work and have a pile of work for them to do. While others say that no one else can take their position while they are away. Some other reasons are listed below.

 

• Employees rather work than take time off

• The company doesn’t offer paid time off

• Employees don’t want to lose an opportunity for a raise or promotion

• Employees are afraid what their boss would think

• Employees are afraid of losing their jobs

 

What Happens to unused PTO?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to the picture above, you are able to conclude that when using your unused PTO, it will most likely roll over to next year, while a few will lose it or don’t even know.

 

 

The Price of Unsaved Vacation Type:

 

 

When employees don’t consider taking their PTO, they are apparently throwing away billions of dollars/ Americans who don’t take time off from work are throwing away 52.4 billion each years, conducted by Oxford Economics, an economic analysis firm. Not only is money thrown out, but it also affects firms financial results, saddling U.S. businesses with $224 billion in liabilities for accumulated employee vacation time.

 

 

 

What Workers Have Used PTO for During the Past Year – Among Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to the picture above, you are able to conclude that the most popular reason why people use their  PTO in 2014 was because of Vacation, and having a long weekend for yourself as the most second reason. 

 

 

 

Strategies to defeat the problem

 

Eight out of ten employees say that if their boss supported or encouraged them to take their PTO they would most likely use it. 

 

 

 

 

 

At about five out of six workers at a company with a “Use it or Lose it” policy use all of the leave availability that they receive each year. However, for those companies who have a roll over policy only 48% of them use their leave.

 

 

 

 

 

 

 

 

 

 

Significance of PTO 

 

 

Majority of the business leaders, and employees believe that Paid Time off is extremely important. This is important because many workers should take advantage of their leave with pay so that it will enhance their job performance and will make them happier employees upon returning to work. By using the Paid Time Off employees are able to alleviate some stress that they encounter with when working. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Images are from: http://www.projecttimeoff.com/sites/projecttimeoff.com/files/OverwhelmedAmerica_FullReport_P.TO_.pdf