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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 Minnesota businesses from Minneapolis to Duluth and Rochester. Regulations differ depending on the size of an organization and can vary by state. Designing the proper leave policy around the needs of your employees can drive retention and attract top talent.
The first element to consider is whether you want to provide a consolidated leave package or a non-consolidated package. A single amount of time is given for employees to use for vacation, illness, or private business under a consolidated leave plan. Workers who don't have separate leave plans for various reasons typically have individualized arrangements. Consolidated leave packages are becoming increasingly popular among Minnesota employers.
Comparing a consolidated leave plan to a non-consolidated leave policy, both of which provide employees with more choice and the employer, is an important consideration. Employees will have greater freedom under a combined leave plan, while employers will benefit from improved efficiency. At five years of service for Minnesota businesses, the average number of leave days in a unified plan are 22 compared to only 15 vacation days after five years. At 10 years, the average number of days given is 25, whereas that for paid vacation is 17.
The majority of companies provide paid vacation, either as part of a combined leave package or as a standalone plan. 87% of employers in Minnesota provide paid vacation in some form. This can be industry specific, such as at an hourly employee at a retail store versus a technology company. Download our Mployer Insights report to learn more.
Holidays are an essential component of a leave package and will differ based on the size and sector of your employer, such as retail vs. a manufacturing business. Only 33% of businesses offer their employees fewer than six paid holidays each year. Between 7 and 10 paid holidays are offered by 55% of employers, while 26 provide more than 10 paid vacations. New Year's Day, Independence Day, Labor Day, Thanksgiving, and Christmas are core holidays that may be added to if desired. It is entirely at the discretion of the employer (and possibly other considerations).
Download your free Mployer Insights report to see how your firm's paid time off plan compares to others in Minnesota in the same industry and size range as you. Understanding how your policy compares against organizations similar to yours might be a beneficial recruiting and retention tool.
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