Yahoo Finance 4 Tips for Negotiating for More Paid Time Off: Here’s How and When To Do It
Along with improving your work-life balance, paid time off can boost your job satisfaction, productivity and finances. While some employers have flexible PTO policies or allow unlimited PTO, many others calculate the days or hours you get based on your tenure or time worked. Like with your salary, it’s worth negotiating this benefit with your current or potential employer. Here are four tips for improving your chances of success.
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1. Know the Best Times To Ask
Before making a request for more PTO, consider whether you’re in a situation in which you have some leverage. This increases the chances of the employer being receptive to your request.
If a company has offered you a new role or promotion, you’re in a good position to negotiate PTO as part of your compensation package and use any competing offers to persuade the employer. As a current employee, you can consider asking during your performance review.
2. Do Your Research About PTO
Check your employee handbook or ask the human resources staff about how the PTO policy works. Clarify how the amount of time is determined, how much you currently get and whether there are blackout seasons or dates when PTO is restricted.
Additionally, look at policies at other companies in your industry to determine whether your employer is competitive. If it isn’t, then use your research to make a stronger case for additional PTO. For example, if similar companies offer three weeks but you get two weeks, consider asking for that extra week.
3. Have a Solid Case
When it’s time to start negotiating, you must arrive ready to show the employer why you deserve more PTO. Along with using your research about competitors’ PTO policies, have specific examples of your work performance, experience and the benefits you and the company would get from the extra PTO.
For example, you might cite your recent performance review and contributions to your current employer, and explain that the extra time would help make you more productive and prevent burnout. You could also bring up your past achievements and many years of experience with a potential employer to justify getting more PTO than an inexperienced hire would receive.
Practicing or writing down what you plan to say beforehand would be a good idea. When you do meet with the employer, keep the conversation positive and show that you value your role with the company.
4. Prepare a Backup Plan
If the employer is open to offering more PTO, you might get less than you request, so know your limits. You could try to find a compromise or at least see if your employer would be willing to reconsider the amount at future performance reviews.
A backup plan is helpful in case the employer isn’t open to extra PTO. You might suggest other options for improving your work-life balance or finances, such as a higher salary, remote work days, unpaid time off or a compressed work week. If no extra PTO is a dealbreaker, you might be in the wrong job and should consider looking for new opportunities.
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