37% of Employees Do Not Use All of Their Paid Time Off – NJBIA – New Jersey Business & Industry Association

37% of Employees Do Not Use All of Their Paid Time Off – NJBIA – New Jersey Business & Industry Association

Scottsdale, AZ, July 15, 2019 (GLOBE NEWSWIRE) — According to the “2019 PTO/Paid Parental Leave Programs & Practices Survey” conducted by WorldatWork with underwriting support from PTO Exchange, time off is a powerful tool to attract talent in today’s competitive labor market. The survey was conducted to better understand the paid time off practices of organizations and the use of paid parental leave programs that provide paid time off to new-parent employees.

Key findings regarding paid time off

Key findings regarding paid parental leave

“This survey highlights a critical shift,” said Scott Cawood, President and CEO, WorldatWork. “Organizations that deliver benefits like paid time off, flexibility, and paid parental leave – benefits that provide a great work experience and a great life experience — are often valued higher by employees than other rewards like salary or health benefits. The rise in parental leave programs may be a result of state-led mandates, in addition to employers striving for differentiated benefits in a strained labor market–or possibly both. These programs have quickly become an important and expected part of the Total Rewards equation and are critical in maintaining an engaged and productive workforce.”

“While the survey shows that companies are beginning to offer flexibility around benefits, employees need choices that support their station in life. Allowing employees to self-direct their unused PTO for emergencies, 401(k)s, health savings accounts, student loans, or giving to a nonprofit or colleague they care about is important and provides generational equality to the employee community,” said PTO Exchange CEO Rob Whalen. “More companies need to view PTO as part of an overall employee compensation package which is earned and accrued through the process of their work, productivity and the value they deliver to the company and shareholders. Companies that view PTO in this way will lead in the war for top talent. The survey also underscores the critical need for companies to offer creative solutions that support their workforce in an individualized and personal way.”

About the Study

WorldatWork collected survey data for the “2019 PTO/Paid Parental Leave Programs & Practices Survey” from March 13, 2019 to March 29, 2019. The survey report was based on 532 responses. Survey respondents were WorldatWork members employed in the HR, compensation and benefits departments of U.S. organizations.

This content was originally published here.

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