Vacations and Business


Vacations and BusinessSo your business has grown enough that you have full time employees and want to start offering benefits, including paid time off. How do you craft a vacation policy that works for you, your business and employees? There's not a one-size-fits all solution, but here are some things to think about and tips for getting started.

Decide on Benefits: Before you set a policy, you'll need to figure out how much paid time off you will offer and how it will be accrued by employees. Traditional businesses usually offer two weeks' vacation after a certain amount of service. But many modern businesses are tweaking or completing changing that model offering two weeks of vacation right off the bat, or even unlimited time off as long as the employee gets their work done. You'll want to choose something that meets your business's needs while providing a benefit that's attractive to employees.

Set your Policies: Employees should be clear on how to officially apply for time off, whether and how much advance notice is required, and any limits about when or how long they can be absent. You also need to set rules about whether time off can be carried over, banked or traded, or if employees must "use it or lose it." Finally, decide who needs to approve the time off and how that response will be communicated to the employee.

Administer your Program Fairly: If you can't afford to have too many employees absent at once, it's important to use a calendar system and set clear guidelines for vacation planning. Everyone should have a chance to take important days off, and your system should be neutral and equally enforced so that no employee feels another is getting special treatment.

Make a Plan for Coverage: When an employee is on vacation, is it acceptable for them to leave their work until they return, or will someone else need to fulfill their duties? Will the company be responsible for arranging the coverage, or the employee? These are important questions to answer when setting a paid time off policy, so that your business doesn't suffer while your employees are away.

Encourage Time Off: The idea that a good employee is one who never uses all their vacation time is outdated. Research has consistently shown that employees who take time off and maintain a good work-life balance are more productive, creative, and happy in their work. In other words, employees who take vacations are actually better employees. Because of this, some businesses are actually giving employees extra cash to go on vacation. If you can't go that far, at least encourage your employees to use their paid time off and to truly disengage from work while they do it.

For any of your business insurance questions, call or contact Executive Insurance & Financial Services today.

Blog Home - View a complete list of our articles

Leave a Comment:

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.

Executive Insurance & Financial Services