Having dwelt on Paid Time-off in our previous post, we will be looking at what a floating holiday is. By this time, you must be wondering how and when to get your holiday. When and how to participate in floating holidays should be understood at the end of this post.
What is a Floating Holiday?
By defining what a floating holiday is, you are able to determine whether as an employee you are entitled to one or not.
A floating holiday is a type of paid time-off that allows employees to take a day off on a date of their choice, rather than being tied to a specific holiday or vacation schedule. Oftentimes, this type of benefit is often offered by employees as a way to provide employees with more flexibility and autonomy in managing their work-life balance.
This means if an employee of First Bank is considered for this particular benefit with his work-life balance put into consideration, he is allowed to enjoy more flexibility in his job. When the said employee of First Bank gets this holiday, his organisation is considered to have demonstrated a certain level of commitment to supporting the well-being and mental health of its staff.
Managing Floating Holiday Time-off
Like other areas dealing with employees, the human resources of the stated company manages floating holiday time-off as well. However managing this aspect of the employees can be challenging and here’s why: trying to handle floating holidays with efficiency where the deadlines are tight can result in unfair outcomes. This is why organisations ensure clear policies and procedures are well communicated for requesting and approving time off. In addition, adequate notice is put in place before employees are required to submit their requests.
This notice will put the right things in place since employees can be requested to submit their holiday request weeks in advance to enable sufficient time to arrange coverage and make necessary adjustments to work schedules. Importantly, to successfully manage floating holiday time-off requests from employees, a balance between supporting employees’ flexibility and meeting business needs is required.
And this is accomplished when the policies and procedures guiding this decision are done with adequate notice and fair conduct, which in turn, produces an environment of productive workers and one that supports the needs of both employees and the organisation.
Benefits of Floating Holidays
Floating holidays offer numerous benefits to organisations and employees alike. Employees, such as the First Bank staff, enjoy flexibility and autonomy in managing work-life balance with floating holiday time-off. He can choose to take time off on a date that is critical or more necessary. This can lead to increased job satisfaction, reduced stress, and improved well-being.
Other benefits for organisations and employees includes: Improved overall well-being Increased productivity and good morale Reduced turnover rates and improved employee retention Flexibility and autonomy Job satisfaction Demonstration of commitment to employees’ mental health and wellness.
Floating holiday is a type of paid time-off that is unique in that it allows employees to take a day off on a date of their choice, rather than being tied to a specific holiday or vacation schedule.