Most organizations look for new ways to attract and retain talented employees, and for good reason: keeping employees happy is one of the most effective ways to drive productivity and reduce the time and cost related to recruiting and hiring new people.
As hiring and keeping talented employees becomes more difficult, HR professionals are strategically leveraging employee benefits as a recruitment and retention tool, according to research at Society of HR Management (SHRM).
For new hires, negotiating paid time off is the top priority after salary. Furthermore, 66% of all employees and 80% of Millennials find paid time off valuable or very valuable (2019 Health and Financial Wellbeing Mindset study). Make your business a more attractive place to work by differentiating your paid time off plan from competitors.
Accrued paid time off liabilities can be significant, totaling hundreds of millions or more in large employers. Further, every CFO knows this liability grows organically each year as base compensation levels increase. Reducing accrued PTO is good for employees and good for the company.
PTO Exchange enables you to reduce the paid time off liability, convert it into a flexible financial tool, and provide unprecedented benefits flexibility, all while remaining cost-neutral.
Employees and companies give billions each year to charitable causes with financial gifts, volunteering, and in-kind contributions. The Business Roundtable reinforced these principles with the release of an updated “Statement of Purpose of a Corporation,” signed by 181 CEOs who commit to lead their companies for the benefit of all stakeholders - customers, employees, suppliers, community and shareholders. Clearly, strengthening community is a board-level topic these days.
PTO Exchange facilitates giving and sharing between employees and between employees and over 1.2 million charitable organizations. PTO Exchange makes it easy and quick to share and give essential resources those in need.
Many companies cap the amount of PTO that employees can accrue. For a variety of reasons, employees don’t always take the paid time off they’ve earned, and once they hit the cap, their PTO compensation begins to accrue back to the company. Certainly this was not the intent of this benefit.
About 768 million days of PTO went unused in 2018, according to Project Time Off. This translated into $65B in PTO value forfeited by employees (meaning it was earned, but lost by employees due to exceeding cap accruals.)
With PTO Exchange, companies can help their employees receive the full extent of their well-earned PTO compensation. PTO Exchange turns an earned benefit into a liquid asset that can be used for other purposes.