Radical-sounding perks such as unlimited paid vacation — assuming you’ve finished your pressing projects — are more common among companies concerned with attracting and retaining young talent. By 2010, 1 percent of U.S. companies had adopted this previously unheard-of policy, largely in response to the demands of Generation Y.
This "previously unheard-of policy" has been in practice for much longer than I've been working - it's called "salary". I'm referring to the department head who takes 2 weeks off in July, 2 more in August, 4 in December, 1 in March, and 3 from May into June. The retail store director who takes 3 weeks for New Years, takes his family to Europe from April to June, and still leaves the office early for his kids's events.
These aren't straw men, and they aren't Gen Y'ers either.
In many companies -- in the U.S., at least -- salary has become de facto a commitment to a minimum of 40 hours/week. In my last corporate gig, I was expected to be "in the chair" at least 40 hours/week. (And there was a butt-ugly HR time tracking application for that.)
If I was short, it came out of vacation time (into which sick time was rolled in an "efficiency" measure), unless a manager chose to "look the other way" as a "perk". (Corporations are very good at using these non-expense "rewards" to tweak behavior.)
Salary, in corporate America, is no longer -- if it ever was -- a "two way street". The employee can be worked extra hours for the same pay but often faces a raft of problems if they try to take unaccounted time off during slack periods.
Higher end professionals may encounter more leniency; don't assume this applies to the masses.
It's also a response to skyrocketing work hours. In my field (law), 40 years ago it would have been unthinkable to offer unlimited vacation. Yet, many firms today do just that. But, back then a 1600 billable hour year was a solid effort. Today, 2000 is the minimum requirement. Unlimited vacation is offered because there is no way you can take appreciable amounts of it while meeting the billing expectations.
This "previously unheard-of policy" has been in practice for much longer than I've been working - it's called "salary". I'm referring to the department head who takes 2 weeks off in July, 2 more in August, 4 in December, 1 in March, and 3 from May into June. The retail store director who takes 3 weeks for New Years, takes his family to Europe from April to June, and still leaves the office early for his kids's events.
These aren't straw men, and they aren't Gen Y'ers either.