Paid time off is an essential element of any Arkansas employer's benefit package. Paid time off, or leave, is a key motivator for staff satisfaction, so it doesn't matter if you're in Little Rock or Fayetteville to make sure your policy is up to snuff. The Family Medical Leave Act (FMLA) is a federal statute.
Consolidated leave packages are offered by approximately 47% of Arkansas businesses. Consolidated leave plans are becoming increasingly popular among employers. The first step for an employer is to decide whether they want to provide a consolidated leave plan or not. A consolidated leave plan combines all of the workers' accrued vacation time, sick time, and personal business into one sum amount that the employee can use when they want to.
Is it better to take a sick day or a vacation day? How is it recorded? Is it significant? Yes. As more employers move to combined paid time off or leave plans, understanding the difference in days available becomes increasingly important. At five years, the typical number of leave days in a consolidated plan is 20, whereas only vacation days are 14 after ten years of service for Arkansas businesses. At ten years, the average number of leave days provided through consolidated leave plans is 22, while paid vacation is 17.
Arkansas businesses give paid vacation about 87% of the time. This varies by industry and employer size. Download a free benchmarking analysis to see how your company compares to other Arkansas employers in your field.
Paid sick leave is provided by 78% of AR employers. If you provide a paid sick leave plan, be sure it covers what qualifies and when notifications are given. 38 percent of Arkansas businesses that give paid sick leave offer a carryover provision. A carryover option allows employees to carry over unused days from one year to the next.
It's critical to choose the appropriate paid time off policy. The specific holidays provided may differ based on your sector and the competitive nature of your company. Should you give Presidents' Day off for your business? Do you have to give Veterans Day? Should you? Only 33% of businesses provide their employees with six or fewer paid holidays each year. More than half (55%) offer between 7 and 10 paid days, while 26% offer over ten paid days.
Download your free Mployer Insights report to see how your firm's paid time off plan compares to others in AR the same industry and size range as you. Understanding how your policy stacks up against firms similar to yours may be a useful recruiting and retention tool.
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