If you wish you had more than just two weeks of paid time off (PTO), and are ready to take a pay cut if it means you can take a vacation whenever you want, you’re not alone. According to Allianz Partners’ 2019 Vacation Confidence Index, which surveyed 1,005 workers online, the average worker is willing to give up 26 percent of their salary in exchange for unlimited time off.
However, as reported by CNBC, an analysis by payroll provider Namely found that workers at companies with unlimited PTO only took an average of 13 days of vacation per year while employees at companies with traditional PTO schemes spent an average of 15 days on vacation.
This skepticism on the policy’s effectiveness, however, hasn’t stopped companies around the world from experimenting with increasing time off for their employees. Accounting firm Ernst & Young, for example, gives its Australian employees six to 12 weeks of “life leave” every year to travel, work part-time, or just relax — unpaid. Since April, the company has also introduced two new work schedule options. Term-time working will allow employees to work full-time during the school year, with all school holidays off (for those with children), or work part-time for three months.