Latest news with #unlimitedPTO
Yahoo
03-07-2025
- Business
- Yahoo
Bolt's millennial founder has just ‘killed' its unlimited PTO perk because it was actually causing burnout
As companies like double down on unlimited PTO benefits, the boss of $11 billion fintech company, Bolt has just axed the policy altogether. Its millennial founder and CEO Ryan Breslow says instead of encouraging flexibility, it bred burnout and unfairness. Now, he's capping vacations because the 'bad ones' were taking too much time off. On paper, unlimited PTO sounds like the holy grail of benefits a company can offer its employees—the ability to take endless vacations and avoid burnout. But for the $11 billion fintech startup Bolt, (not to be confused with the Uber rival, also called Bolt), unlimited PTO has been a double-edged sword that has caused more problems than solutions. 'We just killed unlimited PTO at Bolt,' its founder and CEO, Ryan Breslow has just revealed on LinkedIn. 'It sounds progressive, but it's totally broken. When time off is undefined, the good ones don't take PTO. The bad ones take too much.' While this is contrary to research from financial services firm Empower, which found that employees with unlimited PTO take on average 16 days off versus 14 days for those with limited policies, Breslow said much of that time was taken off by 'b performers'—leaving high performers to pick up the slack. 'This leads to A-performer burnout. B-performer luxuries. And feelings of unfairness across the board,' the millennial boss explained. 'So we're flipping the script: no more confusion. Every Bolter now gets four weeks of paid vacation (yes, the traditional corporate standard), with the opportunity to accrue more with tenure. Not optional,' Breslow added. 'We mandate everyone take all four weeks off.' Now, the company is capping annual leave at around four weeks—but Bolt workers can accrue a maximum of 25 days leave with tenure. 'We believe a team executing at the pace and scale we do deserves real, protected time off, not vague promises,' a Bolt spokesperson echoed in a statement to Fortune. 'When we saw in our own data that our A-players weren't taking enough time away, we knew we had to fix it.' Breslow rejoined Bolt this year after a rocky few months that included rounds of layoffs and a failed fundraising attempt that carried a $14 billion valuation. It was last valued at $11 billion in 2022, with investment coming from top firms like BlackRock. Reshaping Bolt's culture has been a centrepiece of the 31-year-old's changes since retaking the helm in March. On top of the PTO change, Breslow also publicly announced the company was doing away with its HR department in favor of 'people ops'—which is more focused on efficiency over fluff, he wrote on LinkedIn. 'HR is the wrong energy, format, and approach,' he said. 'People ops empowers managers, streamlines decision making, and keeps the company moving at lightning speed.' The company also had some wins in recent weeks, including securing partnerships with Klarna and Palantir, but the only way to make sure that continues to happen, Breslow said, is to ensure top talent can thrive. 'If we're asking people to move fast, build hard, and operate at the highest level, we need to protect their recovery time with the same intensity,' Breslow said. 'Execution requires clarity. That applies to PTO, too.' Despite growing calls from workers for better work-life balance and indications that unlimited PTO could lead to outperforming the S&P 500, the policy remains embraced by just 7% of employers, according to SHRM. Netflix is considered to be an early pioneer of the policy. Reed Hastings, the billionaire cofounder of the streaming service, has said he takes six weeks of vacation each year—and encourages his employees to do the same. 'I take a lot of vacation and I'm hoping that certainly sets an example,' the former Netflix CEO said in 2015. 'It is helpful. You often do your best thinking when you're off hiking in some mountain or something. You get a different perspective on things.' Today, the company claims to not have a strict 9-to-5 workday–or even holiday schedule—and encourages workers to take time off to observe what's important and when their mind and body need a break. More than a quarter of workers, or 26%, say they would consider a lower-paying job if it offered the unlimited option. At the same time, shifting to the policy has sometimes backfired. In 2014, Tribune Publishing—the company behind the Chicago Tribune and formerly the Los Angeles Times—attempted to transition from limited to unlimited PTO, but faced backlash from its employees. Less than two weeks later, the publisher reversed course after receiving 'valuable input from employees,' citing that the new policy actually just 'created confusion and concern within the company.' This story was originally featured on
%3Amax_bytes(150000)%3Astrip_icc()%2FTAL-calendar-UNLIMPTO0225-1dd616a7619b45a295f88dd2da2c5da6.jpg&w=3840&q=100)
Travel + Leisure
19-05-2025
- Business
- Travel + Leisure
Unlimited PTO Is Often Touted as a Workplace Perk—but Is It a Scam?
The vacation policy was an enticing incentive. Jennifer, an Atlanta-based media specialist, had 28 days off in her first year on the job. 'Our managers were pushing for a good work-life balance,' she explained. Eventually, in a move the company said would better compensate employees, it pivoted to unlimited paid time off. Jennifer, an avid traveler, was thrilled at first. But what was supposed to be a perk soon proved otherwise. Time off hoarding and snitching ensued. 'It got to the point where people were counting other people's paid time off," Jennifer, who preferred not to be named, told Travel + Leisure , "and saying 'So and so took 67 days off, I've only taken 35, how is that fair?'' Jennifer's company is in the process of rescinding the policy for her department. 'People hear you have it and are like 'Oh my gosh, I'm so jealous, you have unlimited PTO.' But from my experience, it's not all it's cracked up to be.' Is unlimited PTO the workplace policy well-heeled travelers dream of, or a matter of being careful what you wish for? During the past decade, unlimited PTO has been touted as the ultimate recruiting tool as employers seek to put work-life balance into practice. While still rare—data from the Society for Human Resource Management or SHRM indicates just 7 percent of American employers offer it—the policy is very much in demand. A recent survey from Empower showed one in five American employees wouldn't consider a new job at a firm that didn't extend endless off days. 'There's a very powerful message when an organization adopts unlimited PTO,' Julie Schweber, senior advisor at SHRM, told T+L. 'It says 'We value you. We trust you. We trust you'll get your work done.' I can't think of a better retention tool or motivator for employees.' But that retention tool can quickly go sideways, as experienced by one Detroit-area senior systems engineer, who requested to be unnamed. His firm's unlimited PTO policy hasn't been the benefit he'd hoped for. "I have been subtly told by my manager that the 'perception is you're taking too much time off,'' he said. 'How do you plan to travel with that hanging over your head?" What's more: his unlimited days can't be banked or paid out at the end of employment. He's soured on the idea altogether. "I view the concept of unlimited PTO as more of a PR gimmick and a way for a firm to get out of providing a quantifiable benefit," he said. A couple relaxing on a quiet beach.A.J. Stackawitz, a senior executive assistant and office manager at a small development business in Denver, is a fan of her team's unlimited PTO policy. Her husband is a pilot and travel is a top priority for her family. She says the flexibility is indeed a perk, even if it means completely unplugging isn't always possible. Her company policy is clear: she stays on top of critical assignments, and may be required to respond to emails, calls or texts while taking time off. 'We're supposed to tend to things that we need to tend to,' she said. 'So that might mean I'm with my family in Hawaii for two weeks, but on one of those days I have to book someone's airfare or check email.' Sick leave is separate, so there is no mixing or confusing the two. Stackawitz clears decks before she leaves town and doesn't mind an occasional check-in. She says the policy works well for her. 'It would be hard to go back to the other way now,' she said. 'Just knowing you have the option is a morale booster. It's a tradeoff that I appreciate, and the bottom line is that it's worth it.' Unlimited PTO won't work for every company. Employers should consider the following before putting it into place: A culture of trust and respect is crucial. Workload and performance should be effectively managed. This might mean caps on unlimited PTO during certain times of year, or that advance approval is necessary. The policy must be fair, clear, and well-communicated. 'Otherwise, you've got this guilt creep, the shaming of someone for taking PTO,' Schweber said. That creep is pervasive. A recent Harris Poll showed nearly half of American workers (47 percent) report feeling guilty taking time away, and about the same amount (49 percent) get nervous requesting time off. Limitless time off won't fix the inability to fully disconnect from the workplace if people are already afraid to do it. That said, when a company implements it well and fairly, it can free employees up to travel extensively and unplug. However, a lack of guardrails or clarity could transform what's perceived as a top perk into a real pain. Jennifer learned that first-hand. 'If I heard 'unlimited PTO' now, it wouldn't have the same appeal,' she said.
