"Unlimited vacation" is a deception. Real perks are to have 15 or 20 days of vacations, increasing with seniority at the company, and forced vacations (i.e., the company forces you to take the vacations every year). It is also good for the company health (ensure that no 1 person missing has a large impact).
I'm a cynic about unlimited vacation policies for a few reasons:
1. At its core, I believe it's a clever bit of financial engineering disguised as a worker-first policy. All of a sudden your startup doesn't have any accrued PTO to keep on the books, and doesn't have to pay out anything to people who leave (I know this varies state-by-state but at least in CA I got paid out at previous jobs).
2. There's no tangibility to your vacation. You're just given access to this nebulous thing and it is up to you and the company to define a culture and a policy for it, and most of the time they don't do it well. People end up coming up with a "virtual bank" in their heads to justify taking time off and keeping track of things. This leads to totally different value systems between individuals, teams, managers, etc. All of a sudden a number I could look at in my payroll software and was inarguably whatever integer it was to anyone who looked at it is now some weird "idea" that my boss and I have to agree upon, potentially every time I go and take time off. This leads to unfair application of policies across a business, because every employee and manager is different.
3. In an unlimited system, the value of 1 day and 1 week has to be self-assigned by me or my manager, since with "unlimited" the value of any individual day is by definition basically zero. I think this leads people to see their time off as less valuable and are more likely to come online to check an email or respond to a slack. At my current company we have an unlimited PTO policy, but they found people weren't actually "off" when they said they were, so we now have one day a month that is dedicated as a company holiday so that everyone is off at the same time. It's usually used for creating a 3 day weekend, or extending a federal holiday.
Overall, I hope the policies continue despite my cynicism, but only with more guardrails. I hope that companies have better policies in the future encouraging employees to take time off. I would like to see companies do more "full shutdown" days like mine currently does. It's a forcing function that benefits everyone.
I see this being repeated over and over but I can't help but think that it's become a way to discourage giving employees time off from a company's perspective. I've successfully taken 30+ days off in an unlimited vacation environment (not consecutively) and not been reprimanded in any way because I was able to operate responsibly. Before I left for any length of vacation, I made sure that projects were delivered and successfully launched weeks before hand and I created documentation and trained others on continuing work processes (the lack of my presences should not have ANY impact).
"Unlimited vacation" should be a work perk that is attractive. Often times I find that it's the managers who don't believe employees should be given time off or the company decides to just implement unlimited vacation without any process in place to revoke the privilege or guidelines as to what a responsible policy looks like. It's easy to say something doesn't work when there was never any intention or effort to make it work.
I had a fairly long conversation last year with someone who is a manager at a well-known "unlimited vacation" company. His take was that it works well but that's because there's clear leading by example from the top.
(It's also not necessarily a great system in general if you're someone who moves between jobs a lot as there's no unused vacation payout under such a system.)
Sure, I’ve heard that and can believe it. I think one of the side effects of the term is that it kind of gets rid of the shame and social gymnastics around taking time off.
Believe it or not, many people for many years had to come up with some sort of excuse to work remote (have to pick up the kids, waiting for plumber/delivery, etc), so normalizing remote, even nominally, would be a good step forward.
Of course a global pandemic helps move the agenda too.
