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Paid time off is a crucial element of most employers' benefit packages in Missouri. Paid time off, or leave, is an important factor in employee happiness, so whether you're in St. Louis or Kansas City, it's essential to have a good and appropriate leave policy in place. The Family Medical Leave Act (FMLA) is a federal statute, but each state has their own variations. Familiarize yourself to ensure compliance.
Consolidated leave packages are offered by 49% of employers in Missouri. Many businesses are switching to consolidated leave plans. The first question an employer must ask is whether or not they wish to provide a consolidated leave plan or a non-consolidated one. A single sum of money, referred to as a consolidated leave package, is provided for workers to use for vacation, illness, or personal time off.
Should I take a sick day or a vacation day? How is it recorded? Is it significant? - Yes. More employers are adopting consolidated paid time off or leave plans, which means knowing the difference in number of days accessible is critical. In Missouri, after five years, the average number of leave days in a consolidated plan is 22 while vacation days total 15. The average leave in consolidated leave plans after 10 years is 25 and for paid vacation is 17.
Missouri businesses give paid vacation 87% of the time. This varies based on sector and employer size. To see how your business (in industry and size) compare to other Missouri employers, download a free Mployer Advisor benchmarking report.
Paid sick leave is available from 79% of MO businesses. If you provide a paid sick leave plan, make sure it covers what qualifies and when notifications are given. In Missouri, 50% of businesses offer a carryover provision for compensated sick days. A carryover provision allows employees to roll their unused sick days forward to the following year, which can create difficulties, particularly if you have specific people that are always healthy.
It's critical to figure out how many days off you'll need. The holidays designated by your company may differ based on its industry and the competitive nature of your business. Should you give Presidents' Day? Do you have to offer Veterans Day? Should you? Only 33% of businesses provide their employees with six or fewer paid holidays each year. More than half (55%) provide between 7 and 10 paid holidays, while just 26% provide more than 10 paid holidays.
Download your free Mployer Insights report to see how your company's paid time off scheme compares to others like you in MO in the same industry and size range. Understanding how your plan measures up against employers similar to you may help you attract new workers and keep current ones.
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