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It can be a great perk or a complete nightmare. It's really company dependent - some will honor it, others will use it as a way to keep employees from taking time off. I wouldn't expect this to be negotiable, but you never really know unless you ask.
Mentor
Makes sense - that;s definitely the sense I've gotten from others too
Businesses do it because it means they don't have that money on the books and don't have to pay it out to someone who leaves. It really is only to benefit companies and statistics seem to suggest that even with no limit on PTO people still don't take very much. So if the other comp components aren't a red flag it shouldn't usually be enough of a problem on its own to turn down an offer, but it's certainly worth considering if the culture of the place means you'd struggle to get to take even a week or two annually (let alone more) without it being held against you.
Mentor
very fair - I have some culture hesitations already so definitely agree this feels like a little bit of a potential red flag
Not really a red flag but it does put more responsibility on you to take a reasonable about of time off since it’s not officially tracked. And not sure what you mean negotiate. Unlimited PTO is not something assigned to one person it’s company policy. No company is going to change the policy for a single employee
Mentor
appreciate the response! that's what I was thinking too, but wasn't sure if it was company policy versus something that could be negotiated. really appreciate it!
Not really a red flag, just notable. Goes hand in hand with another policy, at-will employment. The company is completely justified in letting you go at any time, and if they have unlimited pto perk, there is no pto bank to you out on. Example, startups and consulting firms do this so they can carry less liability on their books and burn money like it grows on trees with fringe benefits. :)
Fully depends on the company. I have heard both sides of it, and it just comes down to whether that place believes in letting employees take their time off, basically.
Mentor
very fair! so hard to figure out what culture is like outside in
My current job provides unlimited PTO and we are encouraged to take as much time as we'd like as long as it doesn't impact deadlines. Unfortunately, what my company does is definitely not the norm. Way too many companies basically use unlimited PTO as a scam.