20 Jun, 2017, 08:00 ET
NEW YORK, June 20, 2017 /PRNewswire/ -- Namely, the leading HR platform for mid-sized companies, today announced a new data report, HR Mythbusters 2017. The report analyzed data from over 125,000 employees to confirm—or bust—several myths about the modern workplace. The report covers a range of topics including vacation time, turnover rates, and employee tenure.
Key among the report's findings is the fact that high-performers are taking ample vacation time, which appears to be paying dividends. Those who received a high mark during performance reviews took an average of 19 vacation days each year, versus 14 days on average for low performers. This 5-day gap suggests that time off from work has a dramatic and positive impact on performance. In addition, it appears Baby Boomers are the new job-hopping generation, with a median tenure of just 2.53 years—busting the notion that millennials are the only ones to frequently change jobs.
Additional insights from the report include:
- Unlimited vacation is under-utilized. Employees with unlimited policies take 13 days a year versus 15 for those with traditional PTO plans.
- Engineers are taking over the workforce. Of employees who started in 2016, "engineer" was far and away the most frequently recurring job title keyword.
- High-growth keeps employees around. For every additional 10% in headcount growth, companies' turnover rates were an average of 1.6% lower.
"It's HR's job to understand employee trends and how companies should evolve alongside them," says Matt Straz, Founder and CEO of Namely. "Our new report helps HR practitioners cut through the noise and make smart decisions on the HR policies that matter most to employees."
Yvonne Caprini Sorenson, Sr. Manager of HR at Trifacta is one leader whose company is getting creative around vacation time. "We offer a discretionary PTO policy because we want people to truly take the PTO they need," she explains. "We have a recognition program called Above + Beyond. Employees can nominate high-performing peers, and the winners receive $1,000 to spend toward travel. It's a great way to encourage vacation use and to make it clear that Trifacta supports work life balance."
With many HR leaders making decision based on surveys of their peers and employees, HR Mythbusters 2017 relies on real data from companies nationwide. This report allows HR leaders to make strategic data-driven decisions that can have a meaningful impact on their workforce and beyond.
Download the full HR Mythbusters 2017 report here: http://library.namely.com/hr-mythbusters-2017
Namely is the first HR platform that employees actually love to use. Namely's powerful, easy-to-use technology allows companies to handle all of their HR, payroll, time management, and benefits in one place. Coupled with dedicated account support, every Namely client gets the software and service they need to deliver great HR and a strong, engaged company culture.
Namely is used by over 800 clients with over 125,000 employees globally. Headquartered in New York City, the company has raised $157.8 MM from leading investors, including Altimeter Capital, Scale Capital, Sequoia Capital, Matrix Partners, and True Ventures. For more information, visit www.namely.com.
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