All the numbers show most people take the same or less with “unlimited” PTO vs fixed in similar positions or before the change. it’s still subject to approvals and you no longer have a set amount that is your right but you can suffer for “abusing” it, whatever your manager or policy decides that means. Essentially it puts you in the same position as when someone asks what pay you’re looking during an interview. You could, theoretically, ask for anything but many people wind up low balling themselves trying not to lose the opportunity entirely. Only now it’s every time you consider a vacation.
There are some other aspects, if you would normally get paid out for accrued PTO on leaving then you have no PTO to get paid for, for example.
Mostly it’s just that it tends to play out as a mind game that ends in people taking less vacation, though.
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