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Thoughts on new vacation policy?

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Transparent cost cutting measure.
1. Wipe the accrued vacation off the balance sheet (this will be a big number at 12/31 as most people were gonna be rolling over 20 days or so due to covid). **Doesn't apply to CA, IL, etc.
2. Not paying out vacation accrual when people leave. (Saves EY $36m per year according to the leaked email).
3. People will take less vacation in future. It's already hard to take vacation now when it's an entitlement. Will be way more difficult in future. Leadership would know this: every study of unlimited vacation shows that people end up using less.

Tl;dr - I'm not happy.


Executive were asking for it.

I have two main concerns:
1. The firm is not paying out our unused vacation, which is very clearly stated as part of our compensation for the year. If they don’t pay that out then they are taking that part of our comp away.
2. I worry that vacation taken will become another factor that the PPEDs will see at year-end round tables, and then it becomes a race to the bottom and people take less than ~10 days.


In theory sounds great, but if the 'effective utilization' metric goes out the window WLB will suffer


Initial reaction is reduced morale. Would like to hear more from iaas partners on how PTO is going to be monitored, and if we're going back to full utilization as the main metric of performance for those that aren't in sales roles.


So I guess all of the accrued vacation during 2020 that’s unused as of 12/31/2020 is essentially lost??


Probably bad for us as we are super busy and it may be hard to take more than 25 days of PTO next year.


But by carrying out this new policy, they are creating a bigger problem that may cost them just as much - all smart actuaries I’m sure you know what could happen lol.


Hmm there is moral hazard both before and after...

It'd be nice to get an update on that, CA, IL, etc. require you carry 1.5x accrual for payout at separation, but not sure if you lose that in jan of 2022

Lol they finally take actions on this loophole. People did not charge to vacation code while being away from work then collected payout from unused vacation days when separating.

Thats not a loophole. Thats just unethical and against code of conduct.


Related Posts

Does the PTO get paid out if you leave the company or is it better to use it?


Just started working. Will be going back to home country for a a vacation.

Am I allowed to carry my work laptop?


I recently received an offer for 200k€ in Amsterdam. Includes travel, 30% ruling, holiday pay.

Any idea if that is enough to cover a mortgage on a flat within biking distance from the city center without over spending on housing?

(3 small kids and a non-working partner)


Weird being back on planes after 2 weeks of PTO staycation. It was amazing how natural staying at home with friends and family felt and how foreign getting back to the travel grind feels


Going to a friends holiday party - think it’s pretty formal..... suggestions on where to get a dress? Tried looking at rent the runway and Bloomingdales - in NYC if that helps


Considering exiting big consulting to go back in Industry. Found a role, but I would be taking a 20k paycut and a lot less PTO (they only offer 105 hours, but I'm going to try to negotiate that). Would you do it to keep your sanity?


What holiday gifts did your firms give clients this year?


Best vacation/beach/pool oriented Marriott/spg property in either la area or San Diego area. Doing a quick weekend, mostly just want to relax.


I just signed my exit woots! So my last day of work is on 30 May, and I’ve got 2 weeks of leave approved before then already.

Does anyone know if HR will cancel my vacation leave after I tender my resignation?

Also, what are the odds I’ll be able to use up the rest of my vacation days for the rest of May?


Will clothes washing services or a hotel hold my clothes for a week? Leaving for vacation from client in NYC and returning directly there. Don't want to schlep my work clothes to the beach.


Just had the client ask me how I’m celebrating the holiday Lmao

*for the uninitiated, today is 420 aka national smoke we*d day


Which firms have unlimited PTO?


Any D moms know if I want to extend my maternity leave by a week using pTo, do I have to come back for a day and then use pTo?

PTO means time off.

Not kind of time off. Not "hey could you do this one thing for me". Not "trying to save the client money so use your PTO but you'll be working". Not "let's turn everything into an emergency so they have to work".

It isn't a suggestion that they are unavailable. They are unavailable.

If you don't respect their time off, then why should anyone respect yours?

Do not be reaching out to your teammates that are on PTO.

Whatever it is, it can wait.


Anyone with large tattoos on your arm or tattoo sleeves? Do you wear them openly in the office? Concerned about what to wear at the holiday party!

Got an offer from a regional bank for an internal audit position. Would be about a 23% pay increase. Benefits are very comparable to EY with the exception of vacation which is 18 days (still not bad to me). What are some other things to consider as far as making the jump to industry? I know the progression isn't as good and name isn't as recognized. Anyone have success stories making a jump to a smaller company? Anyone done something similar and had regrets?


Any advice on spg/hyatt friendly vacation destinations in SE Asia with a mix of adventure and beach?


Anyone stayed at The Cove at Atlantis in Nassau? Considering a vacation in Bahamas and this property looks really nice and luxurious. Curious to know if that has truly been the experience.


Your personal rules for your upcoming holiday party?


Small holiday gifts for folks at work - yes or no?


Additional Posts

How do you recommend saving money for a house?


Eat to place for butter chicken and garlic naan near Pleasanton or Dublin? California?

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