When you are run a small business, you will be the one to decide whether or not your employees will receive their paid time off work. If you decide to provide sick days and paid vacation as part of employee benefit, it is best that you know where you should start in the first place. It will be helpful if you know the national average vacation time before you reach a final decision.
Through paid vacation time, your workers will get their regular wages even if they don’t go to work. It gives employees a chance to spend time with families, take a quick break from work, or focus on personal hobbies.
Paid Vacation Time and Its Perks
A paid vacation time can benefit both your employees and your business. Following a time off, workers tend to become more relaxed, productive, innovative, engaged, and balanced.
Paid vacation time is much cheaper compared to other kinds of benefits you can offer. A paid vacation time can reduce rates of employee turnover, increase the bottom line of your business because of improved productivity, resulting to satisfied employees.
Average Vacation Time
It is not required for companies to offer their employees with paid vacation days. But, most companies still do so. Experts have reported that 76 percent of workers in the private industry received their paid vacation days.
You can take note of these figures when you are setting up your standard vacation policy. Remember that the data don’t include holidays, sick time, or bereavement, which are among other kinds of paid time you can offer. The statistics are categorized by the employee’s years of service. They’re ordered by least to most days. Most workers were offered between 5 and fourteen paid vacation days. For small businesses, the average vacation time after 1 year of service is ten days.
Usually, the more years employees have worked at a particular company, the more vacation days they’re allowed. Most paid vacation days are 10 to 19 paid vacation days. 14 days is the average vacation time in America after being in the service for five years. On contrary, 19 days are the average paid vacation days if an employee has been in the company for twenty years.
Standard Paid Holidays
Other than personal days off from the work, most businesses offer standard paid holidays to their employees. Nevertheless, businesses aren’t obligated legally to give the employees paid holidays. In the private industry, about ¾ of workers get paid holidays. This is lower or higher based on the kind of worker. For instance, ninety-seven percent of every worker in professional, management, and some related positions get paid holidays, while in extraction, forestry, fishing, farming, and construction positions, only sixty-six percent get paid holidays.
The standard paid holidays, which most businesses observe include Christmas Day, Thanksgiving Day, Labor Day, Independence Day, Memorial Day, and New Year’s Day. There are also companies that consider other federal holidays.
