Progressive time off and time away programs are increasingly used by employers as part of their talent strategies.
Key Findings from Lockton HR Trends Survey on Evolving Workplace Practices include...
⌛ Paid Parental Leave: More employers are now offering or enhancing paid parental leave programs, recognizing the benefits for both individuals and organizations.
⏳ PTO for Talent Acquisition: 82% of employers consider time off benefits as crucial when attracting and retaining top talent. Vacation/PTO ranks high on employees' priority lists.
⏲ Inclusion Challenges: Employers need to address caregiver support better, especially considering the aging population. For instance, many employees are unaware of health plan coverage for menopause symptoms.
⌛ Company-Wide Holiday Breaks: Companies are adopting company-wide shutdowns during holidays to give employees a "real break"
⏳ Floating Holidays: Nearly half of employers offer floating holidays to accommodate diverse employee observances and foster inclusion.
⏲ Modest Increase in Time Off Programs: 42% of employers made changes to their time off programs in the past year, with a focus on sustaining and investing in specific program areas.
⌛ Program Revision Reasons: The shift from pandemic response to strategic talent retention is driving program changes. Employers are now prioritizing competitive advantage, alignment with trends, and employee feedback.
⏳ Internal & External Factors: Employers consider a mix of internal and external factors when revising time off programs, with a balanced approach to program drivers.
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