04 Jul New Leave Policy for Unlimited Vacation Sets in Major Companies
Not companies are too keen with the idea of ‘unlimited vacation’ days. One thing’s certain: the employment scenario has shifted. There’s a rise of digital nomads and freelancers predominantly popular among millennials. What does unlimited time off mean for the business?
Unlimited vacation days sound so surreal to many, especially the traditionalists. G.E coined this as ‘permissive approach’ in which employees can take day offs any time and duration. Compared to the stringent vacation policies, this new leave policy is an autonomous decision that employees can take part of.
But this is only for the ‘privileged few’ such as executives and senior professionals working for the company. But this shift from the traditional acts like a double-edged sword.
This is a bold movement for giant companies such as GE and Virgin to address the rapidly changing methods and retain the best of your talents. About 30,000 of its employees or 43% of its workforce in United States was given this privilege.
With Virgin policy, employees are only given a time off only if they and the team are up-to-date or have completed the project worked. There should be no compromise for the project they are currently working on.
More options are given to high performing employees and will be rewarded to those with exemplary records. Rather, employees are being compensated for the outcomes and not the hours put into work.
You can’t just get the sponge and wipe out the skepticism that comes with this method. However, there’s a way.
One way for this new leave policy to work is to have a team that has the mind of an intrapreneur. Intrapreneurs basically design their lives to bring in profit for the business and still afford to have freedom of lifestyle.
Startups may encounter a lot of hiccups with unlimited vacation. Big companies such as G.E and Virgin America can pull these off because they were able to cultivate a reliable staff to put this in motion. Results will vary depending on the employee’s capacity (and discipline), workload and schedule management for employees. Weigh options first before jumping on board the wagon.