Workaholics rejoice! There is a way to utilize your accrued paid time off (PTO)!
Instead of trying to squeeze PTO in between deadlines or carrying it over to next year, PTO Exchange is working with employers to let their workers trade in the value of their unused "paid time off" for other perks.
These could include added contributions to a 401(k) account, money to put toward college tuition expenses, reimbursement for travel expenses or a donation to a favorite charity, depending on how the employer sets up the account and what it wants to encourage.
Flexibility and enabling flexible benefits is our goal.
Not everyone has the same needs. Some people love their paid time off and consume it every year. Others have reasons that prevent them from taking their full allotment of vacation, be they deadlines, workload, or personal reasons. Over the years, this unused carried-over vacation can grow and employees eventually hit a limit where they cannot accrue any more PTO.
Against this backdrop, the ability to exchange unused vacation makes PTO an even more valuable benefit. Older employees may exchange unused PTO toward retirement savings, while a younger employee might like to use it toward repaying student loans.
“PTO Exchange is an example of the increasing interest on the part of employers to offer more variation in how benefits dollars are spent, especially as it copes with multiple generations in the workplace," said Craig Dolezal, SVP, Aon. "It's a really interesting approach that fits perfectly into [that] discussion. People want more flexibility."
Implementing a flexible strategy is something both employees and employers can get behind. PTO Exchange offers a flexible package for employees, while employers can reduce their accrued PTO liability from their books.
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Published on Oct 27, 2016 by Tom Gemmell