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Love how they call people "entitled." It's so awful that people want access to the benefit outlined in their contract.
So EY told everyone there was a new policy that let then roll over more days? If they didn't want to set up an expectation, why change the policy?
lol differentiator on campus....
Eh I feel like students are naive about unlimited vacation. I definitely didn’t understand what it really was until I was in the workforce.
CA folks: your vacation accruals will be frozen and paid out when you leave the firm. Thankfully!
I just spoke to an unaffiliated HR professional and they said they’ve seen companies do exactly that for CA employees - Roll over their balance then switch them once they’ve used it all.
My firm is merging with a national firm who has this policy besides the savings there really isn't a benefit to the employees, its nuts
Thank you for providing this information. I advise you to redact the name in the email in order to protect the person's privacy.
I'm already offering this person Unlimited Privacy, saying they deserve more just goes show an entitlement mentality
Not having accrued vacation means you have no vacation. Do not let them convince you it’s for “your benefit”.
Clearly the average RSM's employee is smarter than the average employee at EY.
Pro
Will they at least be paying out already-accrued PTO to current employees when this new policy is implemented?
No. It's frozen at 12/31 and then paid out when you separate from the firm
They will have to pay out all unused PTO when they adopt this. All it means is that current employees need to now take as much FTO as possible.
You only get paid the accrued PTO in protected states upon termination. If you stay with EY, you get nothing.
How the unlimited PTO announcement felt
I’m looking for three Senior Associates if any EY (or anyone else) is looking for a change. You can keep earned vacation.
Are you looking for any associate/analysts?
So is this bad? I'm confused
Sarcasm?
Use it or lose it. EY folks you have 2 months to all use it....at the same time. Get your money’s worth!
So these savings mean they're going to redistribute funding into the well deserved bonuses and raises that were held back this year, right? ...I'll wait...
Saves $36M. That’s the first bullet point. Raises $0. Savings to the company $36M.
More money in the partners’ pockets...
Does that email say they won’t pay out the accrued vacation as of the change of the policy? I doesn’t read like they won’t
The FAQ clarified that moving forward they won’t pay out accrued vacation (because you won’t accrue it) and that if you don’t use your time by end of year, it’s forfeited. The only way you’re paid out is if you quit before end of year.
So if someone decide to take the unlimited PTOs due to unexpected family circumstances or health issue, are they paying full salary? Or if you are on PTOs and the work still reach you through email or phone call and you need to answer, does it void the "unlimited" provision?
For longer absences I imagine you will need to follow family leave and long term disability protocols.
This is total BS. This policy is mostly beneficial for the firm but the email made the sound like it is "FOR EMPLOYEES". Now, we get so much pressure from each engagement team to use our DESERVED vacation. I bet overall average vacation we take will be less than what we had done before... time to move to different firm.
Wow