When it comes to holiday entitlement, it can be tricky.
After all, there is no official right or wrong way. However, with work-life balance taking top priority for millennial and Gen-Z workers you’re going to want to build an attraction strategy that appeals for your target workforce. After all, by 2020 over 75 per cent of the global workforce will be from this pool of talent.
While you may not be able to get onboard with flexible or remote working, you may want to consider adapting your holiday entitlement offering.
Maximise your days
Chances are, if you’re working in the UK, you’re getting a pretty good deal compared to the vast majority of other nations – consistently placing in the top five globally for statutory holiday entitlement. However, the amount of holiday is discretional. That being said, there is no real cap on the holiday that you want to provide. If you want to stand out from the competition a generous allowance of 28 days is recommended, including bank holidays. That being said, the world is your oyster, and the choice is yours.
Are you including Christmas in your deductions?
We all remember the stretching Christmas holidays as small children. In business, it is usual for many sectors – particularly those which are client facing – to work reduced hours over Christmas. Many corporations choose to deduct holiday days for compulsory time off over the break. However, some companies have the benefit of being able to close throughout the festive period. If you haven’t already, consider giving time off at Christmas as extra days outside of your employee’s holiday entitlement – they will most certainly appreciate it.
Are your workers allowed to collect holiday pay for days unused?
Companies have different policies for carry-over rate. The UK government advises that the maximum holiday carried over can stand at eight days. However, some companies may choose to allow less to avoid staff ‘collecting’ holiday. The important thing to remember here is that every employee is different. You could be offering all the holiday in the world to an employee who may not have the means to go abroad, or one that simply doesn’t want it. With that in mind, consider offering a maximum pay-out for unused holiday – it could certainly go a long way with your lower-salaried employees.
Have you considered unlimited holiday?
A trend sweeping the nation currently is that of unlimited holiday. That’s right – it’s exactly what it says on the tin. Your employees have no maximum limit on their holiday entitlement, with many companies putting in place a minimum requirement to ensure you’re not spending too much time at your desk. Many companies have reported vast successes with unlimited holiday. Video streaming service Netflix, for example, have offered it for years. However, when implementing this offering to your staff, it is important to moderate it. Some corporations have reported negative effects, with some staff not taking enough holiday.
It’s important to find the right policy for your company but implementing attractive holiday entitlement strategies could help you win that all-important war for talent, as you offer an appealing work-life balance offering.
About the author
Lucy Evans is an Executive Recruitment Consultant specialising within the Wealth Management industry. She works for Heat Recruitment, a specialist recruitment agency based in Bristol operating across the UK that specialise in Engineering, Information Technology, Insurance, Financial Services and the Legal sector. They place candidates in both permanent and contract roles.