Paid Time-Off Banks: Can They Save You Time, Money, and Headaches?

Duration: 60 minutes

For many high-performing organizations, moving away from the sick day/personal day/vacation day breakdown isn’t just a way to get around a big administrative hassle. It’s also a smart recruiting and retention move. But so-called PTO banks aren’t a silver bullet. While these systems have significant advantages, HR departments need to deploy them properly, or else… (more details below)


WHY ATTEND

It’s a cliche: an employee wants to take a day off and calls in to report he has suddenly (cough cough) come down with a nasty cold. The next day, there’s rumors he was at the beach.

You could challenge him on this, but you’ve got better things to do than get into a counterproductive argument about whether he was “really” sick. What if you could just consider it one of his allotted days off and not worry about the specific reason he used it?

For many high-performing organizations, that’s the smart move. Companies are increasingly making the switch to a PTO “bank” system that combines all time off (sick days, vacation, personal days, etc.) into one group that employees can use however they’d like (with a few conditions, of course).

Plus, PTO Banks offer a cost-effective competitive edge in the hiring market. Companies who offer a chunk of PTO to potential employees, rather than rattling off a laundry list of types of time off, are often seen by candidates as more flexible and contemporary.

But warning: PTO Banks aren’t for every workplace. While a PTO plan has advantages for employers and employees alike, it also comes with its share of challenges, both legal and practical.

This program will give you the facts you need to decide if it’s time to switch to a PTO Bank system.

LEARNING OBJECTIVES

You’ll learn how to:

  • Balance the gain for the organization (fewer surprise absences, diminished administrative workload from micromanaging time off) with the gain for employees (added flexibility and privacy)
  • Evaluate the total potential impact to your organization on every level and in every department.
  • Connect PTO banks with your recruitment and retention efforts by adding flexibility to your organization’s “employment brand”
  • Debunk the most common myths associated with PTO banks and understand the financial and personal realities behind them
  • Evaluate up-and-coming trends in time off, like sharing PTO and unlimited PTO
  • Perform a financial impact review of a change to a PTO plan
  • Assess compliance issues regarding implementation
  • Manage employee relations issues associated with the change
  • Manage the downside of the equation (for example, employees who use all of their PTO for vacation and then get sick)
  • Determine when an employee’s PTO crosses over into FMLA
  • Determine if you’re legally required to pay out all unused PTO days at termination - and options for allowing employees to cash in, cash out, or roll over their PTO

                                            ABOUT THE SPEAKER

                                            Jennifer Berman is an experienced HR Consultant and Strategist, having provided organizations nationwide with guidance on comprehensive HR and Benefits issues since 1995. In 2009, Jennifer founded her firm, OAU Consulting, to provide organizations in a wide variety of industries with expertise and support to manage their HR needs in a new economy.

                                            Jennifer received her law degree from DePaul University College of Law and her undergraduate degree from Newcomb College of Tulane University. Jennifer was admitted to both the Illinois and Federal bars in 1994 and received SPHR certification in 2001. Jennifer has been a featured speaker, commentator and panelist for national, regional and local associations, organizations, and publications including MSNBC, Wall Street Journal, New York Times, WGN and the Chicago Tribune.

                                            Certification

                                            This program has been approved for 1.0 recertification credit hour(s) through the HR Certification Institute (HRCI) & Society for Human Resource Management (SHRM).

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                                            Event Value Pack

                                            Participation in the live webinar + Full MP4 Recording + Audio-only MP3 recording. For recordings, choose digital download or CD-ROM by mail.

                                            What You Get With Each Option close

                                            Live Recording

                                            Live Only

                                            Participation in the live upcoming webinar

                                            Recording

                                            Recording Only

                                            Full MP4 recording of webinar, including Q&A. Choose digital download or CD-ROM by mail.

                                            Live and Recording

                                            Live + Recording

                                            Participation in the live webinar + Full MP4 Recording. For recording, choose digital download or CD-ROM by mail.

                                            Event Package

                                            Event Value Pack

                                            Participation in the live webinar + Full MP4 Recording + Audio-only MP3 recording. For recordings, choose digital download or CD-ROM by mail.

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