Finance Articles

Banking on Paid Time Off to Reduce Absenteeism

(PRWeb) March 16, 2007 -- Employee absenteeism is on the rise, according to the 16th annual CCH Unscheduled Absence Survey. At 2.5 percent, this year’s rate is the highest rate seen since 1999, when it was 2.7 percent. Employees aren’t coming to work because of family issues and personal needs, more than any other single factor. Employers are struggling to find effective programs that keep healthy workers on the job because unscheduled absenteeism can cost large companies an estimated $850,000 per year. Many are turning to paid time off or PTO banks to solve the problem.

PTO banks are an avenue to manage unscheduled absenteeism, increase productivity levels, and satisfy the needs of employees who desire greater flexibility in managing their lives. WorldatWork Press has published Paid Time Off Banks: Program Design and Implementation, to better equip the benefits, work-life, or HR practitioner with the information needed to build the business case for designing such a program.

With PTO, instead of having a traditional program with separate vacation, holiday and sick days, workers have a bank of time to use as needed. It is their earned time, not the companyÂ’s time. Therefore abusing their own time is less appealing. WorldatWork published the PTO Banks guidebook to help companies increase productivity and lower costs by reducing unscheduled absences. In his latest book, author Mike Markowich presents insight and advice on how to assess, cost-justify, design, communicate and implement a cost-effective PTO program for a company.

According to a 2006 WorldatWork Hot Topics Survey, 33 percent of the 679 surveyed companies have a PTO bank system for their employees. WorldatWork forecasts more companies will adapt a PTO bank system. "When properly designed, implemented and communicated, PTO banks can be a win-win proposition for both employers and employees, creating a competitive advantage for organizations," said Lenny Sanicola, benefits practice leader for WorldatWork.

Markowich is a member of WorldatWork faculty who holds a masterÂ’s degree in organizational behavior. In 1991, Markowich designed the inaugural CCH Absence Survey and analyzed the results for the first 10 years. As an independent consultant, he is widely recognized as an expert in the control of unscheduled absences and has helped numerous companies design and implement paid time off banks and no-fault absentee control programs.

Paid Time Off Banks: Program Design and Implementation. M. Michael Markowich, DPA. WorldatWork Press. 2007. Softcover. ISBN: 1-57963-162-2.

Other books by Michael Markowich:
Paying & Controlling Absences
How-to Series for the HR Professional
M. Michael Markowich, DPA. WorldatWork Press. 2006. Softcover. ISBN: 1-57963-154-1.

Employee Benefits Basics
How-to Series for the HR Professional
M. Michael Markowich, DPA. WorldatWork Press. 2005. 56 pages. Softcover. ISBN: 1-57963-014-6.

Becoming a Champion of Change
How to Build Support for HR Initiatives and New Programs
M. Michael Markowich, DPA. WorldatWork Press. 2004. 64 pages. Softcover. ISBN: 1-57963-132-0.

Employee Guide to Becoming a Smart Benefits Shopper
Shopping for Medical and Retirement Benefits in a Consumer-Driven Era
M. Michael Markowich, DPA. WorldatWork Press. 2004. 60 pages. Softcover. ISBN: 1-57963-136-3.

About WorldatWork®
The Total Rewards Association
WorldatWork (www.worldatwork.org) is an international association of human resources professionals focused on attracting, motivating and retaining employees. Founded in 1955, WorldatWork provides practitioners with knowledge leadership to effectively implement total rewards – compensation, benefits, work-life, performance and recognition, development and career opportunities – by connecting employee engagement to business performance. WorldatWork supports its 30,000 members and customers in 30 countries with thought leadership, education, publications, research and certification.

This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.

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