I'm yet to see one or hear from a friend who works in one. I admit there might exist one somewhere, but by and large, they don't. Unlimited PTO = culture of overworking, at least for me. And small companies with unlimited PTO, 3-5 engineer teams (and some other staff, obviously) seem to be the worst offenders. The bigger the company, the higher the chance unlimited PTO might actually work.
That being said, I'd love if someone can teach me how to tell them apart.
A few months into the pandemic, my manager sent me a message saying that he was worried I wasn’t taking enough PTO, and suggested I do a 3- or 4-day weekend in the next couple of weeks, even if I wasn’t going anywhere. This happened to a few other coworkers, too.
It can be a trap, but it isn’t always. And this isn’t some little startup - 15k employees.
I'd rather work at an unlimited PTO company with reasonable people than one with a generous allowance where people are always scheming to use it as a weapon.
If the workplace culture isn't such that it is clear what abuse of the policy is, then yeah, it's not going to work out. Expectations have to be clear.
As an anecdote, I've worked at a startup with unlimited PTO where the culture was that most folks were working 45-55 hour weeks regularly, but everyone took vacation whenever they felt they needed it. I averaged ~5 weeks of vacation per year taken during my tenure there. That was probably about par for the course with that team. As long as you're performing well while you are working, give enough advanced notice, and willing to be somewhat flexible (eg don't take 2 weeks vacation right before a big deadline with 2 days notice) - it can work out quite well for all parties.
1. Some people take more and some people take less, and that's fine. Not everyone has the same life circumstances.
2. If you set an allotment, you should track it. Why waste time counting calendar days against a PTO budget if nobody cares? If you start tracking towards a limit that people don't actually care about, then you create opportunities for people to be treated unfairly, or you demonstrate that your organizations rules aren't actually worth following.