…as expected, some people are bitching about it.
Rumors have been swirling for weeks like so many unflushable logs that KPMG was about to announce unlimited PTO, something their competitors at EY did four years ago.
As seen on r/KPMG:
You all were right. They just announced unlimited PTO
byu/Active_Ease_2367 inKPMG
EY’s switch to unlimited PTO was immediately shat upon, and rightfully so, after a leaked senior management email made the rounds. The email mentioned a cost savings of $36 million per year “associated with paying unused vacation at termination” as a primary motivator for the change. “Eliminates entitlement mentality and need for for carryover of unused time or sense of ‘loss’ by our people,” the email said.
It appears at first glance KPMG didn’t want to make the same mistake (though they’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:
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.
Elsewhere in the Paid Time Off Policy it says:
Regular Exempt Employees who have accrued, unused vacation as of September 30, 2024, under the firm’s previous Personal Time Off Program shall have all unused accrued vacation as of that date “frozen” (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’s then pay rate.
Wonder how many lawyers it took to write that.
Related read: The smoke and mirrors of unlimited paid time off
I can think of no better example of corporations trying to convince their employees that a turd actually smells like roses than “unlimited PTO”. The whole thing is so disingenuous and condescending. And after all these years, they’re still trying to sell the same bullshit even though EVERYONE knows its bullshit. I’d rather employers just be honest about why they’re moving to unlimited PTO, but honesty would be off brand for most of them.
Another one bites the dust.