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Benefits June 25, 2010
PTO Seen as Talent Attraction Tool
June 25, 2010 (PLANSPONSOR.com) – The majority of employers recently polled said they offer paid leave as part of their efforts to attract key talent.
Reported by Fred Schneyer
A WorldatWork news release said the survey, “Paid Time Off Programs and Practices,” found 70% of those firms with a paid time off (PTO)-type leave bank and 60% of those with a traditional system gave that response.
In a traditional system, 21 days (12 paid vacation plus nine sick days) are allocated on average for one to two years of service; 19 days in a PTO bank system, while employers offer an average of nine paid holidays each year.
Most with a PTO bank and 87% with a traditional leave system provide sick leave. The average number of paid sick leave days in a traditional system is nine.
Fifteen percent of participating organizations offer sabbatical leave programs (typically unpaid).
“Time is the new currency and employers remain committed to providing paid time off as a key employee benefit and reward,” said Lenny Sanicola, benefits practice leader for WorldatWork, in the announcement.
Data was gathered from February 17–March 5, 2010, among members employed in the HR, compensation and benefits departments of mostly large U.S. corporations. Of the 1,036 responses, 37% came from companies with 5,000 or more employees.