Employee Benefits poll: More than four in 10 (45%) of Employee Benefits readers believe that annual leave should be used to recognise long service because it encourages employee engagement.
A straw poll of www.employeebenefits.co.uk readers, which received 154 responses, also found that 25% simply agreed that length of service could be recognised using annual leave, without specifying a reason, while 10% noted that this approach may help create better work-life balance for senior employees.
On the other hand, 12% stated that performance should not be based on length of service and 0.7% said that using annual leave as a recognition tool may impact too much on an organisation’s costs. Just under 6% disagreed that annual leave should be used to recognise long tenure.
In May 2019, The Australia and New Zealand Banking Group (ANZ) launched a new loyalty leave policy for staff in 24 of its operating countries, providing five days of paid leave for those with three or more years of consecutive service.
The policy, which will be effective from 20 September 2019, aims to improve staff wellbeing and engagement, as well as to attract and retain talent.
Kathryn van der Merwe, group executive, talent and culture at ANZ, said: “Many of our employees have told us that they want more flexibility to focus on what’s important outside work, and one way we’re giving them that is to provide more time off.”
How do you think benefits and reward can be tailored for a multigenerational workforce? Vote in our latest poll today…