In today’s post-pandemic world, remote and hybrid work is more common than ever. And most job seekers are happy about that – added flexibility and work-life balance are some of the top perks today’s workforce desires, especially members of Generation Z.
But another perk is still just as important for employee satisfaction and retention, perhaps even more so: paid time off, or PTO. Let’s examine why offering paid time off is a powerful employee retention tool for your company.
What is the Workcation?
Technically, a workcation is a working vacation. An employee works remotely from a location of their choosing, whether it’s a beach in the Caribbean or their local coffee shop. And while there’s nothing wrong with working vacations, many employees prefer their employer to go a step further and offer PTO.
Paid time off is just what it sounds like – an employee is off work, but they’re still getting paid as though they were in the office that day. This kind of “workcation” is highly desirable to members of the workforce, and it’s no wonder why. Who wouldn’t want to get paid not to work?
Why Does it Improve Retention?
Benefits and perks are central to employee retention. While compensation is important, it doesn’t account for everything. Employees want to be paid well and have a reason to stay with your company. One of the most powerful reasons is getting to take paid vacations.
Remember: Work-life balance is more important than ever to the members of today’s workforce, especially Millennials and Gen Z. Paid time off is a great way to provide that for your employees, allowing them to take a step back, recharge their batteries, and come back to work refreshed and more productive than before.
Best Practices for Implementing the Workcation
If you’re not currently offering paid time off, consider rolling it out on a trial basis. You want to make sure there are stipulations and guidelines in place for employees to follow – the amount of PTO an employee can take at one time, or how often in a given time frame. Many companies today are even offering unlimited PTO. If you choose to do this, make it clear that abuse of the system won’t be tolerated, and it’s up to employees to use the privilege in good faith.
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