Snap Poll of Life Insurers on Employee PTO Practices May 2020
Available Only for Members of the NA Life Insurance Celent Research Panel
Snap polls reflect questions posed by members of the research panel. This question came about as a member was trying to get a sense of how other insurers were handling PTO accrual under COVID. This snap poll was conducted on May 26, 2020 .The questions asked were:
As many insurer employees are working remote until at least late summer, many employees are deferring taking their PTO and are saving it up in anticipation of potentially needing it later in the year. This creates a potential burden of big vacation banks that may need to be rolled over, or paid out should employees leave.
One of the CIOs in the research panel is considering switching to an unlimited PTO model - a model where employees are not given an allotted number of days off. Employees can take as many vacation, sick and mental-health days as they need, as long as they are meeting their performance goals.
- What are you doing regarding an unlimited PTO model?
- We have had one in place for a while.
- We have recently enacted one - or are about to enact one.
- We are thinking about it.
- We are not thinking about it.
- If you answered A or B:
- Could you provide any thoughts about the process of moving to that model, or any of the reasoning behind your use?
- Would you be willing to talk in more detail about this?