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April 2024  Volume 22, Number 4        
 

The Great PTO Upgrade: Over 80% of Employers Boosting Leave Policies

A new survey from global advisory firm WTW finds the vast majority of employers plan to expand paid time off and leave benefits in the next two years. The data shows 84% of employers intend to alter their current policies, with most citing enhanced employee experience as the driving factor.

Major Changes Ahead

The survey results indicate substantial changes are on the horizon. Over 50% of respondents reported they plan moderate to extensive updates, going beyond basic legal compliance. With talent acquisition and retention top of mind, companies aim to remain competitive by improving parental leave, bereavement, caregiver leave, and paid time off offerings.

One-fifth of employers providing parental leave intend to lengthen the duration of their programs. A quarter of companies with bereavement leave expect to expand coverage for additional circumstances and increase time allotted.

Paid caregiver leave is also gaining traction, with 25% of employers currently offering it and 22% more planning to implement caregiver leave within two years. If this trend continues, nearly half of all employers could have caregiver leave on the books before 2025.

In addition, 16% of employers are looking to offer unlimited PTO to exempt employees, while 23% aim to increase the number of PTO days provided to staff.

Compliance Headaches

While enhancing employee experience is the top priority, survey data indicates compliance burdens are also driving updates. State and local leave legislation varies widely, creating administrative headaches for multi-state employers with remote workforces.

More than 20% of companies plan to outsource leave management functions, and over 50% expect to hire new personnel to handle its ever-increasing complexity within the next two years. Rather than continually modify policies to meet legal minimums, experts say streamlining and expanding leave beyond mandates could provide compliance relief while improving employee satisfaction.

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In this issue:

This Just In ... The Great PTO Upgrade: Over 80% of Employers Boosting Leave Policies

The Personalization Mandate: Tailoring Benefits to Boost Retention

Prioritize Care While Cutting Costs

Navigating Compensation in the Era of Transparency

Early Cancer Detection Saves Lives, Lowers Costs

 

 


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