Offering your employees unlimited time off? Sounds cray right? I would think so, but according to Inc. some companies are greatly benefiting from it. Below are some of the benefits Windsor Regional Hospital in Ontario has seen:
1. Recruit the best.
Policies on limited vacation time deny companies the opportunity to hire the best of the best. Offering talent more vacation when they are on boarded has the potential to upset long service employees. Unlimited vacation makes recruitment easier. “The look on an individual’s face when they hear about the policy is priceless,” Musyj says. If you’re looking to bring on seasoned talent this non-policy will give you a leg up on the competition.
2. Avoid the year-end rush.
To avoid a massive vacation liability bank most companies mandate that employees take their allotted vacation time within a twelve month period. This often results in employees vying for the vacation time they’ve saved up for unexpected events. The unlimited time off policy takes away the need to bank days off along with all the wasted effort of having to “jockey” for vacation time. At Windsor Regional the employee’s can now focus on what is important: the hospital’s patients.
3. Better teamwork.
With no limits on time off employees learn to pitch in during a co-worker’s absence. In the past it was seen as an obligation, but today Windsor Regional’s employees view it as a collaborative effort. They know that their fellow team members will do the same for them when they want time off. “It has resulted in better teamwork,” says Musyj. “These collaborative efforts have extended to day to day work activities resulting in a far greater collegial workplace.”
4. Gives a big boost to morale.
When a team member at Windsor Regional Hospital leaves work early to watch their child in a sports meet, for example, they can do so without being concerned about being disciplined or using up a valuable vacation day. No more made up excuses like I have a doctor’s appointment! “The energy they return to work with after being able to participate with their family is truly priceless for our patients,” says Musyj.
5. Creates loyalty.
Windsor Regional’s employee satisfaction rate ranges between an impressive ninety-two and ninety-four percent and their turnover rate is negligible. While unlimited time off is only a piece of the culture puzzle, a practice that has grown over 10 years, it is clearly generating strong employee loyalty. “When I started with this organization twelve years ago there was a handful of “go-to” people,” says Musyj. “That list has since grown into the hundreds; there is always someone to turn to when something needs to get done.”
Please read the full article “Why Richard Branson Thinks Unlimited Vacation Time Is Awesome-and You Should, Too” by Marla Tabaka.