{"id":1000897044,"date":"2024-09-05T21:42:51","date_gmt":"2024-09-06T01:42:51","guid":{"rendered":"https:\/\/www.goingconcern.com\/?p=1000897044"},"modified":"2024-09-05T21:42:51","modified_gmt":"2024-09-06T01:42:51","slug":"kpmg-gets-aboard-the-unlimited-pto-train","status":"publish","type":"post","link":"https:\/\/www.goingconcern.com\/kpmg-gets-aboard-the-unlimited-pto-train\/","title":{"rendered":"KPMG Gets Aboard the Unlimited PTO Train"},"content":{"rendered":"\n<p>&#8230;as expected, <a href=\"https:\/\/www.reddit.com\/r\/KPMG\/comments\/1f3flr6\/unlimited_pto_all_but_confirmed\/\" target=\"_blank\" rel=\"noreferrer noopener\">some people are bitching about it<\/a>.<\/p>\n\n\n\n<p>Rumors have been swirling for weeks like so many unflushable logs that KPMG was about to announce unlimited PTO, something <a href=\"https:\/\/www.goingconcern.com\/ey-flexible-vacation-policy-pto\/\" target=\"_blank\" rel=\"noreferrer noopener\">their competitors at EY did four years ago<\/a>.<\/p>\n\n\n\n<p>As seen on r\/KPMG:<\/p>\n\n\n\n<blockquote class=\"reddit-embed-bq\" style=\"height:316px\" data-embed-height=\"316\"><a href=\"https:\/\/www.reddit.com\/r\/KPMG\/comments\/1f9n1ef\/you_all_were_right_they_just_announced_unlimited\/\">You all were right. They just announced unlimited PTO<\/a><br> by<a href=\"https:\/\/www.reddit.com\/user\/Active_Ease_2367\/\">u\/Active_Ease_2367<\/a> in<a href=\"https:\/\/www.reddit.com\/r\/KPMG\/\">KPMG<\/a><\/blockquote><script async=\"\" src=\"https:\/\/embed.reddit.com\/widgets.js\" charset=\"UTF-8\"><\/script>\n\n\n\n<p>EY&#8217;s switch to unlimited PTO was immediately shat upon, and rightfully so, after a leaked senior management email made the rounds. <a href=\"https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2020\/10\/A4cGIVI.png\">The email<\/a> mentioned a cost savings of $36 million per year &#8220;associated with paying unused vacation at termination&#8221; as a primary motivator for the change. &#8220;Eliminates entitlement mentality and need for for carryover of unused time or sense of &#8216;loss&#8217; by our people,&#8221; the email said.<\/p>\n\n\n\n<p>It appears at first glance KPMG didn&#8217;t want to make the same mistake (though they&#8217;ll still be saving money on vacation that no longer accrues, to be clear). This is what KPMG said in their announcement, according to a commenter:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>All PTO balances remaining at the end of FY24 (after the annual carryover limit is applied, where applicable) will remain with you and will be paid out to you when you leave the firm, based on your pay rate when you leave.<\/p>\n<\/blockquote>\n\n\n\n<p>Elsewhere in the Paid Time Off Policy it says:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Regular Exempt Employees who have accrued, unused vacation as of September 30, 2024, under the firm&#8217;s previous Personal Time Off Program shall have all unused accrued vacation as of that date &#8220;frozen&#8221; (after the annual carryover limit is applied) and paid out at the time of separation, or paid out or used at such other time and circumstances as the firm determines in its sole discretion, at the employee&#8217;s then pay rate.<\/p>\n<\/blockquote>\n\n\n\n<p>Wonder how many lawyers it took to write that.<\/p>\n\n\n\n<p>Related read: <a href=\"https:\/\/www.bbc.com\/worklife\/article\/20220520-the-smoke-and-mirrors-of-unlimited-paid-time-off\">The smoke and mirrors of unlimited paid time off<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8230;as expected, some people are bitching about it. Rumors have been swirling for weeks like [&hellip;]<\/p>\n","protected":false},"author":1000000743,"featured_media":1000897045,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,1273],"tags":[1785,13054,12493],"class_list":["post-1000897044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kpmg","category-news","tag-scams","tag-unlimited-pto","tag-vacation-days"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.2 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KPMG Gets Aboard the Unlimited PTO Train - Going Concern<\/title>\n<meta name=\"description\" content=\"Hopefully no senior management emails about entitled staff and cost savings get leaked this time.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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