Research Reports
Paid Time-Off (PTO) Banks: Streamline Attendance Policies
Click here to review this report's Table of Contents and Introduction.
On any given day, nearly one in 10 employees is unexpectedly absent from work—costing employers hundreds of thousands of dollars a year, and creating a paper trail nightmare for HR.
And, while there's no way to completely eliminate unscheduled absenteeism, a recent Harris study confirmed what many HR professionals already know: that Paid Time-Off (PTO) banks are the most effective tool available to help control unplanned absenteeism.
According to the Harris survey, illness accounts for only 35% of unscheduled absences. The other 65%: Family Issues (21%), Personal Needs (18%), Entitlement Mentality (14%) and Stress (12%).
PTO Banks combine all time off—sick time, holidays, mental health days and vacation time—into a pool employees can use as they wish, when they wish.
Employers that have switched to PTO programs report easier administration, fewer last-minute no-shows, true cost savings, improved morale and greater ability to attract and engage talent—all while providing their employees more flexibility in taking time off.
Based on an in-depth IOMA survey, as well as case studies and expert commentary, this must-have report provides you with:
Overview of PTO
- Characteristics of a typical PTO plan
- How to determine the best PTO schedule for your needs
- Advantages and potential disadvantages of PTO to help you evaluate whether it is right for your organization and how to implement it as successfully as possible
- Tips for developing managers’ and supervisors’ communication skills around PTO
PTO Benchmarks
- Results of a recent benchmark study of PTO banks conducted by IOMA
- Benchmarks comparing the use of TTO versus PTO programs and factors affecting PTO time allotment
- How much PTO time companies are giving their employees and how they’re letting employees use that PTO time
- Allotting PTO to exempt versus nonexempt employees, borrowing and carryover policies, and handling holidays and PTO
- Tips on implementing technology to enhance PTO management
- IOMA’s findings on benefits and drawbacks companies are experiencing with PTO
- Key findings of additional research into PTO banks revealed by recent studies performed by other organizations
PTO Case Studies
- Case studies of four diverse companies that have implemented PTO, including; Anchor Industries Inc., Borton-Lawson, Boyce Thompson Institute for Plant Research, and Marvin Windows and Door
- Detailed accounts of transitioning from TTO programs to PTO programs
- Tried solutions for creating solid, effective PTO policies that benefit employees, management, HR, and the organization as a whole
- Interviews with caveats and tips to help you in your PTO journey