Bolt Ends Unlimited PTO, Mandates Four Weeks Vacation

Bolt, a fintech company valued at $11 billion, has recently made a significant change to its employee benefits policy. The company's founder and CEO, Ryan Breslow, announced the elimination of its unlimited paid time off (PTO) policy. This decision comes after Breslow observed that the policy was not achieving its intended purpose of promoting flexibility and preventing burnout. Instead, it was leading to unfairness and burnout among high-performing employees.

Breslow explained that when PTO is undefined, high-performing employees, or "A-performers," tend not to take time off, while lower-performing employees, or "B-performers," take excessive time off. This imbalance leads to burnout among the high-performing employees and a sense of unfairness among all employees. To address this issue, Bolt has implemented a new policy that provides every employee with four weeks of paid vacation, with the opportunity to accrue more time off with tenure. The company also mandates that all employees take their full four weeks of vacation.

Breslow's decision to overhaul Bolt's culture comes after a challenging period for the company, which included rounds of layoffs and a failed fundraising attempt. Since retaking the helm in March, Breslow has focused on reshaping Bolt's culture and improving its operations. In addition to the PTO change, Bolt has also done away with its HR department in favor of "people ops," which is more focused on efficiency and streamlining decision-making.

Bolt's decision to eliminate its unlimited PTO policy is part of a broader debate about the effectiveness of such policies. While some companies, like Netflix, have embraced unlimited PTO as a way to promote work-life balance, others have found that the policy can lead to confusion and unfairness. Despite growing calls from workers for better work-life balance, only a small percentage of employers offer unlimited PTO. Bolt's decision to cap vacations and mandate time off is a clear indication that the company is prioritizing the well-being of its employees and ensuring that they have the time and space to recover and recharge.