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Paid time off, or leave, across vacation days, sick days, and holidays is an essential component of an employer's benefit package for Kentucky businesses ranging from Louisville/Jefferson County to Lexington and Bowling Green. State laws differ significantly based on employer size, with some allowing more flexibility than others. The creation of the appropriate plan for your unique employee group.
If you're offering a consolidated leave plan or non-consolidated, the first thing to consider is whether you want to do so in one lump sum or pay it out over time. A single payment for vacation, sickness, or personal business is offered by a consolidated leave plan. Workers with separate leave plans for various reasons are becoming increasingly prevalent. Consolidated leave packages are becoming more popular among businesses in Kentucky (42%).
A paid time off, or compensated leave plan, is a combination of sick and personal days offered to employees. This allows employees more choice while also allowing the company to have greater flexibility. At five years of service, the average amount of leave days in a consolidated plan is 21, as opposed to 13 vacation days. The average for consolidated leave policies plans is 25 days at ten years of experience with Kentucky employers, whereas for paid vacations it's 16.
Paid vacation is common in the workplace, with most employers offering it as part of a combined leave policy or as a stand-alone plan. Employers in Kentucky are 90 percent of the time willing to give paid vacation. This can be industry dependent, for example, an hourly employee at a retail shop versus that of a technology firm. Download our Mployer Insights benchmarking report.
Holidays are an important aspect of a leave package, and they will differ by company size and sector. Only 33% of employers give six or fewer paid holidays to their employees. The majority of employers (55%) provide between 7 and 10 paid holidays, with 26 providing more than 10 paid holidays. New Year's Day, Independence Day, Labor Day, Thanksgiving, and Christmas are the four primary public holidays offered; additional days may be added at the discretion of the employer.
Download your free Mployer Insights report to see how your firm's paid time off policy compares to other companies in Kentucky in the same industry and size range. Understanding how your plan compares against employers similar to you may be a helpful recruiting and retention tool.
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