Other businesses take it a step further and pay for or subsidize such care. One employee might like to forego his second week of vacation in order to have some extra money to spend on the trip he wants to take during his first week of vacation. Another employee might like a third week of vacation this year because he has a new baby at home. Vacation banks can help out both of these employees. If an employee would rather have some cash, he can sell vacation time back.
Employees can use PTO as they choose, without distinguishing between sick or vacation days.
Hewitt Associates, a national benefits consulting firm, found in a study that the PTO plan reduces absenteeism. It also can result in savings for the business if the total amount of PTO is reduced when vacation time and sick leave are lumped together. Too often, employers don't do a sufficient job communicating to employees that the training the business pays for is a true benefit. If that training helps them be more productive, everyone benefits. And if that training helps the shop meet customers' needs, everyone benefits.