The amended policies approved during the Sept. 25 meeting allow employees to take a floating holiday once per calendar year and also increase the monthly longevity pay to $8 per month for each year of service. The estimated cost for both benefits is about $614,631 and is included in the FY 2023-24 budget.
The overview
The floating holiday benefit, which city employees can begin using in 2024, is eight hours of time off that employees can use at any point within the calendar year, per city documents.
“The floating holiday is an important benefit because it will allow all employees to celebrate the day that is most meaningful to them,” City Manager Don Magner said. “This is a common benefit that ... organizations are offering to compete for talent.”
Longevity pay will also increase to $8 per month with calculations starting in November based on the number of years an employee works with the city. Recent changes also removed the cap of increasing longevity pay at 25 years of service, according to city documents.
Quote of note
“The change to longevity pay is a strong signal to our tenured employees that their experience and knowledge are valued and appreciated,” Magner said. “These employees are essential in our efforts to recruit and train the next generation of [city of Richardson] employees who will be committed to providing exceptional customer service to our residents and stakeholders."
