CREATIVE PTO SOLUTIONS

 we have the solutions

Our recommended innovative platform allows employees to self-direct the value of their accrued but unused paid time off for various personal and financial needs. Turning unused vacation into assets will help round out the Total Rewards package and will enable employees to build financial security and promote social wellbeing.

Choice & Flexibility to Retain Employees

With the tightest job market in years, companies are hyper-focused on retaining highly skilled employees and attracting the best candidates. Our platform can help differentiate the Total Rewards offering and allow organizations to stand out in a competitive space. In fact, our users have a 54.68% lower turnover rate than their colleagues who do not leverage the platform. A common challenge for Talent Acquisition/Total Rewards departments is finding programs that are flexible enough to meet the needs of a diverse workforce. When faced with a multigenerational employee population with wildly different needs, it’s important to install programs that will make an impact regardless of age or station in life. Through the platform, employees can unlock the value of their excess PTO to make pre-tax contributions towards their 401(k), increasing participation and accessibility for their retirement. For younger employees saddled with student loans, accessing their surplus PTO can help them eliminate that debt quicker. And for employees hit with unexpected expenses, a Cash Out option provides employees with a safety net to avoid 401(k) withdrawals or payday loans.

Liability Reduction & Ease of Implementation

Accrued paid time off liabilities can be significant and they grow each year as base compensation levels increase. With PTO requests down about 34% since the start of 2020, this is an acute challenge today. As an employee-paid benefit, our solution can reduce the PTO liability and pay it out at a discounted rate (per IRS requirements), without incurring any ongoing expenses –a win for Finance that also provides unprecedented benefits flexibility for employees. Our platform integrates with all leading HRIS and payroll systems to allow for a slick, yet simple, user experience with very little back-end support needed from the Payroll and IT Teams.

PTO can be exchanged for:

  • 401(k) Contributions
  • Health Savings Account (HSA)
  • Student Loans/ Tuition Payments/ 529 Plans
  • Cash Out
  • Voluntary Benefits
  • Charitable Donations
  • Leave Sharing
  • Discounted Travel Purchase
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