We talk a lot on this blog about the importance of creating a culture in your company based on trust.
When running a company, having the confidence of your employees is crucial to ensuring the success of your business. However, trust has to go both ways. Your employees need to know you trust them, just as they trust you.
Let’s look at how developing an unlimited paid time off policy can boost productivity, loyalty and work-life balance among your employees.
Unlimited paid time off (PTO) is very popular among startups in the tech industries.
However, more and more employers from different industries have seen its benefits and started to adopt it.
We live in a changing world. Generation X and especially Millennials have different needs and see the workplace differently from Baby Boomers for example.
They are the “digital” generation. They need the flexibility to work from anywhere, and they want more time to spend with family and friends. To retain and motivate the best talent, employers have to adapt and meet these needs.
Developing an unlimited PTO policy in your company can be a starting point. A recent study reveals how implementing a PTO policy can lead to greater productivity and loyalty from your employees.
Here are three steps to develop and implement an unlimited time-off policy.
1. It’s About Trust
Creating a culture based on trust is the first step. Empower and trust your employees to make their own decisions, to plan and organize their unlimited PTO so that everything runs smoothly, and your business will not be affected.
If you don’t trust your employees, then you probably made a hiring mistake.
Don’t wait for something to happen – take action now. You want by your side people you trust, and you’re comfortable working with. So, trust your employees to make the best decision when organizing their time off.
2. You Need a Process
Your employees need guidelines, so instead of letting them guess how much time off should they take and when, create a process that will make them feel confident and comfortable taking that time off.
As a starting guide, create guidelines that include:
- How far in advance they should notify their manager
- Who will step in to continue their projects
This will not only make employees feel more comfortable taking time off, but their colleagues will also feel in control of the work they have to take on.
3. Set Goals
As a leader, you have to ask yourself if you want your employees to work a certain number of hours (9 to 5), or if you want them to be productive and efficient?
Setting goals for your team and holding them accountable will make them more efficient and productive. They will also become more dedicated to your company and the work they do for you.
Knowing they can take time off at any time if they meet their goals means employees will likely work better and faster.
If you surround yourself with the right team, you won’t have to worry about your employees taking advantage of the unlimited PTO policy.
Trust your employees, empower your team to organize their work and choose their PTO. You will not only have more productive employees, but you will also have happier ones.
Over to you – have you developed an unlimited PTO in your company? How has that fared with productivity in your employees?