How much does it cost to give employees vacation? Employers need to look at both Costs and Benefits. Costs are usually easy; benefits are often softer – like morale, turnover, and image.
Depending on the job the person does, the cost is not only what you pay the employee while they are not at work, but also, the amount you will need to pay someone to do the job while the employee is gone. Jobs that require a substitute have a defined cost and can often seem pricey. The other side of the cost coin is the benefit of a refreshed employee, retained employee or maybe attracting the great new employee.
Now days with employees finding the job market improving, if you are looking for your next employee that will be a stellar addition to your team, you may need to realize that sometimes the softer benefits are more attractive in the end. The total cost of vacation is often much less than the total cost of replacing and training new employees while factoring in the morale of retention and turnover has a cost, too.
Refreshed employees statistically provided better customer service. What benefits does vacation bring to your staff?