Paid leave for employees to care for themselves or a family member during a temporary, short-term medical issue, such as illness or for preventative health care, such as an annual well visit or a prenatal doctor appointment.
benefit to employers
Increases or does not
Increases likelihood that new mothers will come back to work (and to same employer) and stay employed
Increases likelihood that new fathers will stay employed
Reduces turnover costs through increased retention
Improves morale and job satisfaction
benefit to families
Improves family incomes
Increases initiation and length
Decreases maternal depression
Increases paternal engagement
Increases job satisfaction
Builds healthier parent-child relationships
Reduces wage gap between
women and men
Reduces wage gap between mothers
and childless women
Reduces stigma of taking leave
Increases gender equality
Workers are more likely to remain
in the workforce, increasing family economic security
case study: Hyatt Regency
Extended illness banks offers security for the unexpected
At Hyatt-managed hotels, including the Hyatt Regency Minneapolis, employees receive six paid sick days per year, whether they’re front desk staff or the CEO. The paid sick days are on top of any vacation time they earn. At the end of the year, an employee’s unused sick days convert to an “extended illness bank.”
The extended illness bank, which caps at 480 hours or 60 days, is a paid-time-off benefit that Hyatt has had for 20+ years. When employees have surgery or are sick beyond a typical cold, they can tap into their extended illness bank. They also can use that time to care for loved ones or bond with their baby during the first year. This is on top of Hyatt’s 8 weeks of paid maternity leave and 2 weeks of paternity leave.
“Our purpose at Hyatt is to care for people so they can be their best,” said John Yeadon, general manager of Hyatt Regency Minneapolis. “Our extended illness bank provides people security so they have paid time off when unexpected events pop up or when they’re planning their caregiving responsibilities. With many qualifying events, the extended illness bank is a really nice benefit, and people are grateful to have the resource.”
Yeadon finds the flexible plan motivates people to hold onto sick days because it’s not a use-it-or-lose-it benefit. The extended illness bank means Hyatt employees can save their vacation time for rest and relaxation, which people need to avoid burnout. Yeadon is learning to take more time off himself.
“For my first child, I only took a few days off when the baby was born,” said Yeadon. “But for my second, I took two weeks off initially and then additional time in the following months. As a leader, I set the tone for my employees, and I want to encourage people to take the time they need.”
At the Hyatt Regency Minneapolis, all full-time and part-time employees are eligible for the extended bank. More broadly, the extended illness bank is a benefit for Hyatt-managed hotels (about 700 in total), not for franchises.
Location: Minneapolis, Minn.
Employees: 100 full-time, 30 part-time
©2021 North Carolina Early Childhood Foundation. All Rights Reserved