Got any openings...?
When large companies make this decision it is usually done as a cost saving measure to avoid paying out accrued PTO when people leave or get laid off. Recently saw some articles about a company with around 20k US employees expected to save $36M a year by adopting to a "flexible time off" policy. Restrictiveness will vary based on company culture/expectations.
I get 7 weeks of PTO and 9 paid holidays, it takes some planning to get work done and also take all of my time off.