PTO For Longer Tenured Employees, 5yr and 10yr
Anyone out there who provides more PTO/Vacation time to longer tenured employees that is willing to share what they offer?
Here is our current, every employee starts with 21 days PTO (and 9 holidays). We are thinking to add another 40 hours at year 5, then another 40 hours at year 10 essentially providing 31 days PTO for 10 year employees and 26 PTO days once an employee reaches 5 years. We are a consulting firm for context. Appreciate any information you are willing to share. THANK YOU!
I think it's great that you are looking to create a tiered plan!
I would say waiting five years for another week of PTO is a lot, especially with the current talent market and culture needs. However, this is pretty standard for companies.
Could you give some at year 1 and then again at years 3 and 5?
You are definitely on the generous side, even for technology. The 2022 benchmarking has tech firms at 15 days at hire, up to 20 days at 5 years and 23 days at 15+ years.
Other large firms may provide a little more PTO than the average, but be careful of giving too much time off. It may create operational issues. Sometimes addressing PTO via a more flexible work schedule can deliver better results rather than getting too far out of benchmark.
Let me know if you want to discuss.
Ted Zalla, 513-703-8837