Should You Offer a Paid Time Off Bank?

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A PTO bank is a benefit in which distinctions between vacation, sick leave, and parental or dependent care time off are eliminated. For example, instead of granting an employee 10 vacation days, 5 sick days, and 3 personal days, a company with a PTO bank would provide the employee with 18 paid days off to be used for any of those purposes.

The biggest employer benefit is that PTO banks tend to minimize unexpected absences; employees are more likely to schedule a day off in advance rather than to call in "sick" on a day they want to take off from work. Paid time off banks also fit nicely into a basic philosophy at many companies to provide employees with flexibility and individual choice. In addition, PTO banks help ensure employees' privacy. For example, instead of an employee asking to take a sick day to go to a doctor's appointment or have a medical test done, he or she could simply request the day off.

Find out More about the Paid Time Off
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The HR Library has more helpful PTO resources like these:

PTO Bank Sample Policy

PTO Guidance Documents

Are your Employees Allowed to be Sick?

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