In today’s war for talent, companies across industries turn to
flexible benefits to attract and retain employees
SEATTLE, WA - March 4, 2020 - Unemployment remains at a low of 3.6%, putting talent in the hiring driver’s seat. Meanwhile, the workforce continues to diversify more than ever before, from Baby Boomers to Gen Z’ers, full-time to gig economy, and moms to veterans returning to work. It’s against this backdrop that the world’s only comprehensive and patented flexible benefits platform, PTO Exchange, today announced the adoption of its solution by several companies across industries to better serve today’s workforce.
Customers new to PTO Exchange’s roster include InformedDNA, a leading genetics services provider, 4Wall Entertainment, an entertainment equipment supplier, SH Hotels, WSRB, which provides risk evaluation services, and GM Nameplate, a supplier to some of the world’s largest manufacturing companies. These companies join existing customers such as Premera Blue Cross and DaVita Kidney Care, and now represent over 50,000 employees on the PTO Exchange platform.
InformedDNA, based in St. Petersburg, FL, is a leading genetics services provider. InformedDNA optimizes genetics-related healthcare by improving access to clinical and scientific genomics expertise. As the nation's largest independent provider of genetics specialists enabled by an evidence-based knowledge library for genetic tests and hereditary conditions, they serve health plans, health systems, physicians, foundations, and pharmaceutical companies.
SH Hotels & Resorts, based in Los Angeles, CA, is an affiliate of global private investment firm Starwood Capital Group. SH Hotels and Resorts is a hotel brand management company that operates 1 Hotels, Baccarat Hotels, Treehouse Hotels, and SH Collection properties. Leveraging its marketing, design, operational, and technological expertise, SH is the force behind some of the most groundbreaking and dynamic hotel brands in the world.
Founded in 1999, Las Vegas, NV-based 4Wall Entertainment is a full-service lighting, video, and rigging company servicing all facets of the entertainment industry – from corporate events and theatre to concert touring and television. Our offerings include rentals and services, new and used sales, and permanent installations. 4Wall services customers coast to coast in the USA and internationally via our location in the United Kingdom.
WSRB (Washington Surveying and Rating Bureau) is the premier source for reliable data and risk evaluation services for the insurance industry. Seattle-based WSRB is a not-for-profit organization, licensed and regulated by the Washington State Insurance Commissioner to perform physical inspections on commercial buildings to determine conditions affecting fire insurance loss costs.
Established in 1954, Seattle, WA-based GM Nameplate (GMN) is a leading international manufacturer specializing in the custom design and manufacture of product identification components including nameplates, decals, labels and custom panels; electronic input devices such as membrane switches, rubber keypads and touch screens; injection and compression molding; plastic decorating and large format digital graphics.
“We’ve spent years investing and building a flexible benefits platform that caters to the diverse and evolving needs of today’s workforce,” said Rob Whalen, PTO Exchange CEO. "The ability to tap into unused PTO creates meaningful benefits for employees while reducing costs and liabilities for employers."
Employers that partner with PTO Exchange can reduce their accrued PTO balance sheet liabilities, while enabling their workforces to exchange the monetary value of their unused paid time off (PTO) for:
- Retirement savings - allow employees to add to their 401(k) plans
- Student loan repayment - provide tuition reimbursement and help to pay down student loans, estimated to total $1.48 trillion in the U.S. today
- Emergency expenses - empower the estimated 40 percent of Americans who cannot cover an unexpected $400 expense
- Healthcare - employees can self-direct to their healthcare savings (HSA) or flexible spending accounts (FSA)
- Travel - exchange for airfare, hotels and other travel via a partnership with Priceline
- Community Giving - donate PTO to fellow employees who may need it
- Non Profits - make donations to over 1 million charitable organizations in the US
"We operate in a very competitive job market,” said Rachel Conwell, HR Director, InformedDNA. "PTO Exchange helps us attract and retain employees and differentiate us in the marketplace."
There were an estimated 768 million days of unused PTO time and approximately $65 billion in total benefit value forfeited by employees in 2018, according to research outfit Project Time Off.
About PTO Exchange
PTO Exchange is a benefits platform that turns unused paid time off (PTO) hours into liquid assets that can be converted into things employees value – retirement accounts, student loan repayment, travel awards, charitable causes and more. PTO Exchange helps companies attract & retain talent, reduce balance sheet liabilities and strengthen community all while employees reclaim lost PTO. PTO Exchange is SOC 2-certifed and trusted by Premera, DaVita Kidney Care, SH Hotels and others. Learn more at www.ptoexchange.com
mPR, Inc. for PTO Exchange