By now you’ve certainly heard that unlimited paid time off isn’t all it’s cracked up to be. Numerous studies show that people actually take less vacation when given unlimited PTO than when they have a fixed number of vacation days and a “use it or lose it” policy. Practically speaking, a manager’s approval is usually needed to use time off, which itself can be a deterrent on an unlimited benefit. Further, it’s sometimes not possible to take time off, such as in the run up to a major product launch or around the holidays.
Unlimited PTO is not inherently bad. It can just be hard for people to unplug from their work, and offering unlimited time off with no incentive for taking it won’t necessarily get employees to do it. Instead, companies need to offer a package of perks and benefits that enable employees to spend time outside of the office and underscore how important it is to maintain a healthy work-life balance. Managers also have a role to play in monitoring the well-being of their teams and ensuring they’re spending enough time out of the office. OppFi and Provi provide two excellent examples of how to do this.
Both Chicago-based tech companies offer unlimited PTO and complement this benefit with additional perks like paid parental leave, Summer Fridays and flexible working hours. Team leaders at each company are also charged with checking in regularly with their team members to ensure they’re taking the time off they need to avoid burnout.
Continue reading to learn more about how OppFi and Provi have made unlimited PTO work along with the additional perks and benefits that encourage employees to unplug and help prevent burnout.
OppFi is a fintech company that provides loans to those who cannot access traditional lines of credit.
Describe the guardrails OppFi has in place around paid time off.
At OppFi, we believe in supporting the whole person and know that regular time off improves engagement and allows employees to do their best work. Our flexible paid time off program encourages employees to take time off for fun, rest, mental health or to take care of family. Quarterly, our leaders encourage and partner with employees to schedule time off, with the expectation that at least two weeks are taken off per year and one day per month.
Our leaders encourage employees to schedule time off — at least two weeks per year and one day per month.”
How has this culture around PTO impacted employees’ ability to take time off? What feedback have you gotten about the culture toward PTO at OppFi?
Our flexible PTO program has created a hybrid, remote-friendly environment. Employees have reported that since its implementation, the flexible PTO program has given them a better sense of autonomy, improved their work-life balance, and created the opportunity to indulge in more self-care and family time. Measuring the pulse of our employees is a critical aspect of our listening strategy, and recent surveys indicate that our employees feel less burnt out and are more productive.
What other perks and benefits or offerings help support employee well-being and the ability to unplug when needed?
Our most significant commitment to our employees is to focus on whole-person initiatives by offering perks and benefits that address all aspects of employee wellness: mental, physical, financial and professional.
In 2020 we launched Fringe, a lifestyle benefits platform with services that support a healthy work-life balance. We recognize our employees throughout the year by awarding Fringe points for birthdays, work anniversaries, achievements and more. Points can be used for over 100 perks that range from childcare services on UrbanSitter, leisure and entertainment offerings through Airbnb and Spotify, support with well-being on Talkspace, Skillshare’s professional development courses, and delivery services via Instacart.
To further address mental and emotional health, we offer Modern Health, which allows employees access to eight sessions with certified mental health, professional or financial well-being coaches; eight sessions with licensed clinical therapists and unlimited group support sessions. We also offer equitable food perks to support our employees’ well-being in a hybrid work environment. Employees can select an annual DoorDash DashPass or Fooda credit for those who prefer to work onsite.
Provi’s alcoholic beverage ordering platform brings buyers, distributors and suppliers together on a single platform and enables them to do business together.
Describe the guardrails Provi has in place around paid time off.
At Provi, we encourage all employees to take time away from work to recharge and reset through an unlimited PTO policy. In addition to this, Provi offers Summer Fridays from May through September, which allows employees to end work at 1:00 p.m. so they can enjoy the warm weather outside and start their weekend a bit early. We have found that this policy boosts productivity throughout the week as employees are focused and less stressed.
Additional benefits include 12 weeks of paid parental leave, which includes all birth, adoption and foster bonding events with no designation of gender roles needed to qualify for this leave benefit. In 2023, Provi designated 14 paid holidays.
Provi’s culture also emphasizes that email and Slack communications end at 5 p.m. CST while encouraging delayed sends for employees who have different working hours.
Benefits include 12 weeks of paid parental leave for birth, adoption and foster bonding events, regardless of gender.”
How has this culture around PTO impacted employees’ ability to take time off? What feedback have you gotten about the culture toward PTO at Provi?
Every day we come to work knowing that it’s not just about the work we do — it’s also about the way we work with each other. We work to create a supportive environment for our employees so they can maintain a healthy work-life balance.
Our approach to PTO has provided the opportunity for our team to prioritize their needs outside of work. Provi’s HR team and managers are encouraged to check-in regularly with their teams to ensure people are taking time away from the office. In conversations with employees, we have received consistent, positive feedback around how we promote a strong work-life balance culture through our holiday, PTO and summer Friday policies.
What other perks and benefits or offerings help support employee well-being and the ability for employees to unplug when needed?
Provi encourages employees to take time off to preserve their work-life balance and mental health. For example, we have physical offices in Austin and Chicago, and over 65 percent of Provi’s employees work remotely across 33 different states - with employees in so many time zones, we have flexible work hours. Employees partner with their direct manager to confirm what work hours support their needs as well as the business’ needs. We encourage autonomy for employees, and they can choose if a physical office, hybrid or fully remote work setup matches their lifestyle and productivity needs.
Provi’s onboarding program supports all our different working conditions. Every new hire receives their company-issued technology before their start day: Our team confirms what their home setup is and the tech they’ll need, both on their first day and throughout their time at Provi.
To build on and reinforce work-life balance prioritization, Provi offers robust health benefits designed to support overall well-being. We regularly assess and adapt our offerings to meet the team’s needs and want our employees to feel supported and encouraged to unplug.
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