Why set up and implement the extra days off scheme?

• According to relevant surveys, it is becoming more and more important for employees to achieve balance in the different aspects of their lives, especially when it comes to work-life balance.
• Moreover, the 2017 State of the American Workplace Report from Gallup showed that 53% of employees say it is “very important” to have a job that allows them to achieve work-life balance and personal well-being.
• A relevant research from Glassdoor shows that almost 80% of employees would choose additional benefits such as extra days off over salary increases. According to the same research, 90% of millennials declare that they prefer similar benefits to salary raises.

A research compiled by Sage Business Researcher showed that companies offering extra days off or unlimited vacation found that it actually encouraged employees to take less time off.

How to successfully set up and implement the extra days off scheme?

You can follow these steps:

1. With the help of your accounting department / accountant:

• define the minimum days off that each employee must take according to your national legislation.
• define the specific cost of each extra day off for each one of your employees and develop a relevant annual financial plan, according your financial capability.

2. Conduct an internal survey among your employees, asking them what is the ideal number of extra days off for them.
3. Based on the findings from the survey and, of course, on your financial capability, define a range of extra days off eligible for each employee. Don’t leave this choice open for your employees as it is more effective for both sides to define such a range / specific number of extra days off.
4. Establish an award system through which you will offer these extra days off to e.g. the best employee of the month of to the employees that achieve their goals, etc.
5. Overall, describe in every possible detail the procedure for taking the extra days off in order to avoid misunderstandings and confusion.
6. Use a relevant accounting software in order to monitor and record the extra days off for each employee.

Human resources

The support of your accounting department / external accountant will be of high importance while setting up the extra days off scheme and defining some key-aspects of this scheme.