Not only are many Americans not planning on traveling this summer, many aren’t taking advantage of their allotted paid vacation days.
According to recent poll of nearly 2,600 US adults, just 38% of respondents who receive PTO plan to use it all. A staggering 6% of workers won’t use ANY of their paid time off and another 5% will use less than a quarter of their accrued vacation time this year.
Employees left more than 700 million paid leave days on the table last year. For some who have hit their company's accrual cap or have use-it-or-lose-it policies, unused PTO results in actual lost compensation that employees forfeit. In 2018, this was over $60 billion in wages lost.
Why has this become a norm?
Why are we sacrificing our time and money for more stress?
“Paid time off (PTO) is critical to employee balance and well-being,” said Rob Whalen, CEO and co-founder of PTO Exchange. “It’s a benefit that's part of your overall compensation. You should be able to own it and self-direct it…period.”
PTO Exchange has found the solution and is fighting to change the standard.
PTO Exchange has developed a fully customizable benefits platform which provides organizations with the ability to offer employees the flexibility to swap their accrued PTO for other liquid assets, when they need it the most.
Employees can transform unused vacation days (PTO) into student loan payments, tuition reimbursement, healthcare or retirement savings, travel awards and charitable giving. Employers are no longer stuck worrying about employee wellbeing if they can’t take vacation.
“$65B in lost compensation is a tremendous amount of money," Whalen added. “At the end of the day, it’s the employee's compensation. They worked for it and should be able to use it how and when they need to.”