floating holiday what is it and why is it important
Global – Adding floating vacations to your vacation policy may seem like overkill, but it allows people from different walks of life and cultures to feel accepted and valued. This little token of recognition can help attract and retain a wide variety of employees.
What are floating holidays?
Floating vacations can take many forms, including:
- additional paid days off or holidays that employers provide to their employees as part of their compensation and benefits package
- public holidays that do not fall on the same date every year, such as Thanksgiving, Good Friday, or Black Friday.
- or substitutes for public holidays – employees can choose the date of special events, birthdays, religious or cultural holidays.
What is the difference between floating holidays and PTO?
At first glance, floating holidays and PTOs look the same because they allow employees to take time off for personal reasons.
Floating holidays are a mixture of public holidays and holidays because employees often use them to celebrate birthdays, religious or cultural holidays. Sometimes a person may use them for personal or family emergencies, or even if you’ve used up all of your paid time off.
But where some employers offer an unlimited PTO (discretionary PTO) when a person can be absent from work, there is a maximum of 2 floating holidays per year.
What are the benefits of a floating holiday?
Not sure if floating vacation should be considered part of your work privileges?
Pay attention to the following benefits:
Promote diversity and inclusiveness
Floating leave allows employees from different backgrounds or cultures to feel “included” and recognized in their organization. This gives them the opportunity to take time off to celebrate their cultural or religious holidays without having to use their paid time off.
Floating vacations are effective in boosting morale and employee retention. This indicates that the company cares about the well-being of its employees, providing additional days off in addition to vacations and sick days. Numerous studies consistently show the health benefits of vacation, such as stress reduction, increased productivity, and improved overall health.
Attract highly qualified candidates
Beat the rest of your competitors by offering floating holidays in your job postings. This is an easy way to attract highly qualified candidates.