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Paid time off, or leave, across vacation days, sick days, and holidays is an essential component of a company's benefit package in New Mexico. The rules for employers with fewer than 50 employees are different from those that have more than 50 employees. Designing the proper plan for your unique employee group might help you retain good workers and attract excellent applicants.
If you want to provide a consolidated leave plan or a non-consolidated one, the first thing you'll need to decide is whether you want to provide a single amount of time for vacation, illness, or personal business. Workers who do not have a consolidated leave plan usually have separate leave plans for distinct reasons. Consolidated leave packages have been on the rise lately. In New Mexico, 56 percent of businesses provide consolidated leave packages.
A combined leave plan, also known as a paid time off (PTO) policy, combines both sick and personal days. This allows workers more choice while benefiting the employer. Employer average number of leave days after five years in New Mexico is 20 under a consolidated plan, whereas it's just 15 vacation days after five years. At ten years, the average for consolidated leave plans is 23, while paid vacation is 19.
The majority of employers in New Mexico provide paid vacation as part of a consolidated leave plan or as a stand-alone policy. Employers in New Mexico offer 89 percent of the time paid vacation at some point. This might be industry dependent, such as an hourly employee working at a retail store vs. a technology firm. To learn how your sector measures download our Mployer Insights report.
Holidays are a significant component of the leave package and will differ based on company size and sector, such as retail vs. manufacturing. Only 33% of businesses offer their workers fewer than six paid holidays. Between 7 and 10 paid holidays are available to 55% of employers, while 26% offer more than ten paid days off. New Year's Day, July 4th, Labor Day, Thanksgiving Day, and Christmas are regarded as core holidays because they're offered every year; however other days may be added by agreement between employee and employer if necessary (Veterans' Days, Memorial Day). It is up to the discretion of the employer.
Download your free Mployer Insights report to see how your company's paid time off policy compares to others similar to you in New Mexico in the same industry and size range. Understanding how your plan compares to companies like yours might be a helpful recruiting and retention tool.
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