While offering paid time off isn’t mandatory, time away from work is a critical component of work-life balance. It’s also a perk many top employees value, which means the right policy could help make your property management company a more attractive place for talent. The good news is, there are a lot of different options available to you when it comes to creating and offering a time-off policy. Here are just a few of the many choices you can include.
The most common type of paid time off is vacation time. This is time off you give to your employees to be used however they see fit – whether it’s to travel, spend time with family or simply take a break from work. The number of days you offer is up to you. Most companies start with a base set of days which increase with the employee’s tenure. Others are more progressive, offering up to unlimited vacation time.
In addition to vacation, most organizations offer some type of paid time off that employees can use when they’re sick or injured. Allowing your team to recover at home without worrying about losing pay is not just a kind gesture. It also reduces the chances of illness spreading around the office. Depending on where your property management company is located, offering sick pay might be mandatory. Check your local employment laws.
Many companies also offer a certain number of personal days in addition to an employee’s allotted vacation and sick time during which they can tend to personal matters, such as doctor’s appointments, vehicle servicing, school events for their children, etc.
Holiday pay compensates your team for designated holidays when the office is closed. Most organizations follow federal holiday schedule to determine which paid holidays they will observe, though you are free to include more or fewer. You may also consider offering floating holidays which employees can use at any point during the year.
Offering unpaid parental time is mandated by law in many areas, but most companies compensate employees financially for at least a portion of the time they take off for maternity, paternity or adoption leave. Generous employers may extend the offer of paid time off for any family related need, such as caring for a sick or injured loved one.
Paid bereavement leave is time off that employees can use when a loved one passes away, to make arrangements, attend funeral services and grieve. Most policies specify that bereavement is only available for the loss of an immediate family member, though again, this can be modified in any way you see fit.
When developing a time off policy for your property management company, it’s strongly advised that you check with your legal counsel to make sure it’s in line with any and all laws and regulations. It’s also recommended that you clearly spell out the details surrounding all available time off in the employee handbook or other resource you use to communicate your company policies. This will eliminate possible confusion and/or conflict and keep things running smoothly.
Allowing your employees a certain amount of paid time off does more than just ensure their financial security. It demonstrates that you care about them and support their work-life balance. As a result, your team will respect and appreciate you more, repaying you through loyalty and retention. In other words, everybody wins.