Companies are increasingly using floating holidays to retain their talent, especially since the start of the Great Resignation. Employees are being offered more flexible time off work to improve morale and encourage them to stick around. <\/p>\n\n\n\n
So, what is a floating holiday? It\u2019s paid time off that gives employees more schedule flexibility. In the following post, we\u2019ll take a look at some of the benefits of this practice and how to implement it in your organization. <\/p>\n\n\n\n
A floating holiday is a benefit that lets employees take paid time off work but isn\u2019t considered part of their paid annual leave or vacation time. Under such schemes, employees take time off at their discretion for personal reasons, special occasions, or religious holidays. <\/p>\n\n\n\n
Floating holidays are available on any day the office is open. It can also be used to compensate employees who had to work on a standard holiday. Administering them manually can be burdensome, so most companies use human resources information systems<\/a> to streamline their processes.<\/p>\n\n\n\n In most cases, employees are eligible to take floating holidays immediately upon joining a firm. This doesn\u2019t apply to other types of holidays, which require accrual<\/a>. <\/p>\n\n\n\n Employees typically start off with a base amount of paid time off or PTO and accumulate more the longer they work at a certain company. But unlike other types of PTO, floating holidays usually don\u2019t carry over to the next year. <\/p>\n\n\n\n Floating holidays are not the same as standard vacation days. They are a perk that employers offer in addition to PTO. <\/p>\n\n\n\n Floating days off offer advantages to both firms and employees. Here are some examples:<\/p>\n\n\n\n Employers sometimes get into the habit of believing that life follows a strict schedule. Workers, they tell themselves, wake up in the morning, get ready, go to work, and then return home again. Everything goes like clockwork. <\/p>\n\n\n\n However, real life often disrupts these routines. Things come up, and sometimes employees need time off in addition to their standard PTO. <\/p>\n\n\n\n A floating holiday policy accommodates your employees\u2019 needs for time off on short notice, enhancing their work-life balance. For instance, giving employees flexible time off enables them to seek regular medical check-ups, attend their kids\u2019 birthday parties, or run urgent errands. They can also use floating holidays to bookend their existing vacation time, extending their breaks, if necessary.<\/p>\n\n\n\n Many companies automatically give people time off during Thanksgiving, Christmas, and New Year, assuming that everyone wants to spend these days with their families. However, in companies with diverse and inclusive teams, some employees might not celebrate these events. <\/p>\n\n\n\n A company floating holiday policy can help keep operations running at all times in situations like this. For instance, you can offer most employees leave around popular holiday times while keeping a skeleton crew to keep operations ticking over. The remaining employees can take a break at other times of the year. Arrangements like these can be especially beneficial in companies that have heavy workloads over holiday periods, such as online retailers, grocery stores, and medical facilities. <\/p>\n\n\n\n Workers sometimes need to take time off for sudden or unexpected personal reasons (such as weddings and funerals). However, they don\u2019t always want to eat into their PTO for vacations or sick leave. A paid floating holiday lets them take days off when emergencies arise. <\/p>\n\n\n\n Not everyone working in large firms has the same cultural background. The days they want to take off during the year differ. Therefore, offering a floating holiday policy to accommodate employees of different dissent is more inclusive and a way to do diversity right. <\/p>\n\n\n\n Lastly, floating holidays can compensate employees for missing standard holidays. For instance, a software developer might have a strict deadline shortly after Christmas and not be able to meet the deadline without working through the holidays. <\/p>\n\n\n\n Floating holiday pay is reassurance for employees, promising them that they can take time off in the future, even if they can\u2019t take standard holidays because of workloads.<\/p>\n\n\n\n We\u2019ve discussed the meaning of floating holidays and why firms use them. Now it\u2019s time to look at how to implement them. <\/p>\n\n\n\n When developing a floating holiday policy, it\u2019s critical to communicate all the details so that employees know how it works. You\u2019ll need to clearly describe how employees can take advantage of it, as some may not be familiar with the concept. <\/p>\n\n\n\n When creating a floating holiday policy, you\u2019ll need to follow the steps outlined below: <\/p>\n\n\n\n We\u2019ve started this article by asking a simple question: what is a floating holiday? Now you know that one of the biggest advantages of this practice is flexibility and the fact that it enables workers to take time off without eating into their other PTO. Another advantage is that it can be used on short notice, offering employees a better work-life balance and allowing them to get \u201clife stuff\u201d done or bookend their vacation time.<\/p>\n","protected":false},"excerpt":{"rendered":" Companies are increasingly using floating holidays to retain their talent, …<\/p>\nFloating Holidays vs. PTO<\/h3>\n\n\n\n
Floating Holidays vs. Vacation<\/h3>\n\n\n\n
Why Offer Floating Holiday?<\/h2>\n\n\n\n
It Gives Employees a Better Work-Life Balance<\/h3>\n\n\n\n
It Helps Keep Your Business Running During the Holidays<\/h3>\n\n\n\n
It Lets Employees Preserve More of Their PTO<\/h3>\n\n\n\n
It Makes Your Culture More Inclusive<\/h3>\n\n\n\n
It Can Compensate Employees for Working on Standard Holidays<\/h3>\n\n\n\n
How to Create a Floating Holiday Policy<\/h2>\n\n\n\n
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Wrapping Up<\/h2>\n\n\n\n