These days, you’re constantly hearing about the importance of a good work-life balance. But it’s difficult to take care of your mental and physical health the way you should when you're working all the time.
To achieve this balance, it’s helpful to work for a company with a generous PTO (Paid Time Off) policy. You might think your vacation and sick time package is pretty good, but how does it stack up to the PTO benefit plans of other companies?
We’ll lay out what you should look for in a good PTO policy, explore 10 different companies with the best PTO offerings, and look at upcoming trends in the world of PTO.
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The Importance of Paid Time Off
When employees aren’t granted (or don’t take) enough time off, their work-life balance becomes skewed and they just aren’t going to be as good at their jobs or as present in other parts of their lives. PTO allows staff to rest and recharge to become more inspired and motivated.
Some of the benefits of PTO for employees include:
Higher morale
Greater productivity
Improved job satisfaction
Increased loyalty
Mental clarity; and
Reduced stress
But generous PTO policies don’t just work well for employees. They are valuable for employers as well.
Some of the benefits of PTO for employers include:
A good public image
Attracting a better pool of talent
Higher employee retention
Saving costs on rehiring and training
Reduced absenteeism; and
A healthier workplace (both physically and mentally)
What Are the Qualities of a Good PTO Policy?
Companies with the best PTO benefits have policies that are:
Clearly written
Comprehensive
Generous
Flexible
Employee-forward; and
Accessible to everyone at the company
Many companies these days are even offering or exploring unlimited PTO, in which employees are allowed to take as much time off as they need as long as it doesn’t disrupt business.
10 Companies With the Best PTO Policies (Rollover and Accrual-Based)
Here are some of the companies we’ve found that are making the effort to boost employee morale and productivity through their PTO policies. Note: This is not an exhaustive list of the companies with the best PTO policies.
#1: Amgen
The biotechnology company Amgen has an award-winning PTO policy that employees rate as one of the top benefits of working there.
Amgen’s policy grants an average of 20–30 days off per year, with most employees expected to be completely work-free while out of the office. Amgen also has bi-annual company shutdowns in U.S. locations.
This package represents an average cash value of $1,000-1,500 per month for employees.
#2: IKEA
Retail giant IKEA is also one of the companies with the best PTO according to employees. They typically grant 20–30 days off per year, with 80% of employees expected to be work-free while out of office.
Full-time workers at IKEA receive an additional three to six days off per year on top of their statutory policy.
IKEA PTO represents an average cash value of $1,000-1,500 per month for employees.
#3: Memorial Sloan Kettering Cancer Center
Memorial Sloan Kettering Cancer Center has designed its PTO policy to be comprehensive and flexible, allowing employees to choose options that best meet their needs as well as those of their families.
This organization supports time off for a variety of reasons, including:
Self-care
Recovery
Caring for loved ones; and
Recreation
They even offer a generous paid leave of six weeks to allow parents to bond with newborns, adopted children, or foster children.
MSK employees typically receive 20–30 days of PTO per year, which represents a cash value of $2500 per month.
#4: Google
Google recently increased its already-generous parental leave policy to 18 weeks per year. Their caregiver policy allows eight weeks of PTO.
All other employees get a minimum of 20 days of vacation per year, with many long-term workers earning even more.
Besides their fantastic PTO offerings, in an effort to boost work-life balance, Google also lets employees take advantage of hybrid work models with remote opportunities and four weeks per year when they are allowed to work from anywhere.
#5: General Motors
General Motors values the well-being of employees and their families. Their benefits policy, called Total Rewards, includes support for the financial, physical, and emotional wellness of workers.
In addition to national holiday leave, employees at GM start out with 15 days of PTO plus five days of sick leave. Then, after just two years, their PTO increases to 20 days.
#6: Salesforce
Salesforce, a cloud-based company focused on applications to help with sales and customer relationship management, is one of the companies jumping on the unlimited PTO bandwagon.
Their benefits also include six weeks of paid parental leave.
#7: Capital One
In addition to 14 paid holidays annually, Capital One’s PTO policy starts at 15 days per year for new hires and up to 30 days per year for those who have completed nine calendar years of service.
Employees are also given the option to purchase additional PTO during open enrollment each year.
#8: Accenture
Accenture, a global professional services company, has a PTO benefits package that includes:
17 to 27 paid days off per year, based on level and tenure
16 weeks of maternity leave
Eight weeks of paternity leave
Eight paid standard holidays and two paid culture days of the employee’s choice
#9: American Express
In addition to Amex Flex, a working model that allows employees to work at home, in the office, or use a hybrid model, American Express also has a generous PTO policy.
Employees are typically given 20–30 days of PTO per year, with the majority of employees expected to be completely work-free while they are out of the office.
American Express PTO represents an average cash value of $1,000-1,500 per month for employees.
#10: Atlassian
Atlassian, a producer of team collaboration software, is quite an innovator when it comes to PTO. They encourage employees to step away from work to relax and recharge using different time-off and leave-of-absence options.
In addition to their unlimited time off policy, they are one of the companies with the best PTO benefits due to opportunities such as:
Five paid days off per year to volunteer with a favorite charity
Trip reimbursement after five years of employment
Parental leave that includes 26 weeks off for birthing parents and 20 weeks off for non-birthing parents
Exploring Trends in PTO Policies for 2024
As more companies place importance on work-life balance for employees, you may begin to see a rise in the following PTO trends in the coming year.
Remote Work Flexibility
One study from 2022 found that 16% of global companies are remote, and this number will only continue to rise.
Many companies these days are seeing the benefit of offering flextime to their employees. This is a model in which employees can set their hours to match their ideal schedule and can work anytime they please as long as they get their work done.
It’s related to flexplace, which follows the same concept but means that employees can work from anywhere they choose, such as at home, at a coffee shop, on a trip, or at the office.
Mental Health Days
A 2023 American Psychological Association survey reported that only 15% of employers nationwide offer mental health days. But the benefits of mental health days include:
Reduced feelings of burnout
Increased productivity
Reduced absenteeism
Improved morale
Better physical health
And more
Companies would clearly do well to offer the option of paid mental health days for their employees.
In 2021, LinkedIn gave their employees an entire paid week off in an effort to address the mental health crisis ravaging working America. Many other companies may decide to follow suit when they see the positive results of these types of policies.
Unlimited PTO
Unlimited PTO, as previously mentioned, doesn’t come with a set number of vacation days per year. Instead, employees make PTO requests that are approved or denied by management at their discretion.
This type of policy first became common as a recruiting tool in the tech world but is now emerging as a benefit in the business industry as well. A 2023 study by the Society for Human Resource Management (SHRM) reported that only 8% of employers were offering unlimited PTO at that time, but these numbers are expected to trend upward.
The SHRM also reports that the average time actually taken off by employees under an unlimited PTO policy is usually 3–6 weeks.
PTO Cash Advance
We’ve mentioned that using PTO is beneficial to achieving a proper work-life balance. But sometimes it just isn’t convenient to take those days off. Or perhaps you’d like to go on a proper vacation but just don’t have the funds.
That’s where a PTO cash advance system comes in. How does it work?
PTO cash advance allows employees to unlock the cash value of their unused PTO. This is especially helpful in companies where unused PTO does not roll over to the next year. Instead of losing that time if you can’t take the days off, you can turn that time into extra money in the bank.
Having extra money to take a trip, treat yourself, or even pay unexpected bills can go a long way toward improving your mental and physical health.
How To Take Advantage of Your Company’s PTO Policy With Sorbet
Companies with the best PTO may allow you to make some extra money with a cash advance. Take advantage of this with Sorbet.
Sorbet allows you to access the cash value of your PTO whenever you want — instead of waiting until you leave the company to collect this benefit. You’ll repay the full amount at the end of the term or when you receive your PTO payout from your employer.
Getting started with Sorbet is easy because there are:
No credit check
Quick funding; and
A low monthly cost to use the service
Calculate your estimated PTO payout to find out how much extra cash you could be making from your unused paid time off, and then sign up with Sorbet today.