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Vacation policy: Keep benchmarks, formality in mind

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in Firing,HR Management,Human Resources,Leaders & Managers,Management Training

The summer vacation season is upon us, and that means it's time to dust off your company's time-off policy.

Despite lingering uncertainty over the economic recovery and travel safety, 77 percent of employees say they plan to take a vacation this year, up from 70 percent last year, says a survey by research firm Wirthlin Worldwide.

No federal law says companies must give paid vacation time. Still, most companies do, especially big ones.

The U.S. Bureau of Labor Statistics (BLS) says that 88 percent of large companies (2,500 employees or more) offer paid vacations. But that number drops to 83 percent for midsize businesses (100 to 500 workers) and 70 percent for small businesses (1 to 49 employees).

5 pieces to puzzle

Having a written policy is the safest bet. Here are five elements to address:

How much time. Most companies base the number of annual vacation days on tenure and seniority, granting addit...(register to read more)

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