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Does anyone here work for Silicon Valley Bank? They recently acquired Boston Private. I’m a candidate for a job at Boston Private. Wondering if SVB is planning layoffs in the near term at BP? Also, does anyone know the anticipated benefits to be rolled out from SVB as the parent company? Specifically interested in health insurance providers. Thanks in advance for any information! Silicon Valley Bank
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We have it at GT. I’m an A1 and took a solid 3 weeks off throughout my first year and have 4 weeks on the books over the next year. I think it’s awesome in that I don’t have to earn it and our management encourages time off. That being said, we have seniors that only take 2 weeks off annually, and you still have to manage your utilization to meet expectations (if you care about that), so it depends if you do/can take advantage of it
Most people from my experience have ended up taking little to no extra days off from what they would have had under the old plan. It has more or less become a way for them to not give a set number or days off and avoid having to pay out banked days when people leave. Also, you get a lot of push back from schedulers when you want to take more than 20 days off a year, which is not how it’s supposed to work. So, it might be good, depends on your schedule and how management treats it
I’m generally against it for all the reasons people have described above. Companies like it because they don’t have PTO accruals to pay out when people leave and culturally most people still take about the same pto anyways
Studies show people take less PTO when’s it’s unlimited. Plus you don’t get anything paid out when you quit - which is significant
I have heard that it doesn't really help. You can still be too busy to take days off and now there is no set expectation.
This generally also means that you don't get paid out for vacation days when you leave before using any you have accrued.
We had a manager focus group for unlimited PTO in our office and we voted no. A futile effort.
The no-accrual won.
EY had unlimited sick days before. Ended up being (my anecdotal team experience) that 80% of people barely used it at all, 10% used it normally, and 10% of people heavily abused it.
When we switched to standard 10 days, everything was a lot more regulated and normal. I would vote for standard set days.
Yeah. Any consulting firm that does that to me isn’t appealing. For one they monitor it so its not “abused” and with how busy you are you likely wont be able to take it. Id rather get it paid out when i leave.
We have it at our firm. I take an average of 30 days off a year with zero issue. Everyone likes the policy yet still understands we need to get our work done. Maybe our culture is just good.
Unlimited PTO is great when you can actually take it. I have friends at Zillow who really love it. So it really depends on your office.
Was at GT when they implemented FTO and our office was a nightmare for most people. Approval took a really long time both to file out (we had to fill out vacation requests that took me like half an hour to complete, and requests apparently got longer after I left) and to be approved (needed all your senior/manager approvals first in writing, then approved by the scheduler, and finally by the service line partner). The partner guilted us for taking vacation less than the number of vacation days we had under PTO.
Great that they changed it. Obviously I’m at EY now but they really needed to make the process less painful for people.
FYI Baker Tilly doesn’t pay out PTO anyway so that’s not much of an argument.
(Unlimited PTO is crap regardless)
Unless state law says otherwise, they don’t have to pay out unused PTO. My old firm ( which was a large regional) didn’t, and I was one of a few voices that tried to get that changed
^^^ Wouldnt they have to pay current employees based on what they accrued? They cant just switch it can they without paying it out?
BT pays out a max of 40 hours to termed employees, which will still be honored to the extent an employee has rolled over accrued PTO under the prior policy.
It is true. BT is policy is 40 hours max. It’s pretty common knowledge that individual state law supersedes but the OP is correct in regards to BT policy.
I think it will lead to people taking less PTO because there is no incentive to not lose any. I also think the firms are aware of that. They'll get the goodwill of offering unlimited PTO and the benefit of more charge hours.
This is generally to remove accrual on the balance sheet. No one would be taking unlimited vacation. This is very common practice in industry
Correct no payout when you leave
Quit before it takes effect and take the payout. Jump to another firm and get a raise. That’s probably the best advice I can give you for a short term gain.
GT has it - I will have taken 8 weeks off this year (5 of them consecutive) by the end of July. Still met my utilization goal. Might as well take more time off than you “should” since you don’t get paid out when you leave