Sorbet

Sorbet provides cash advances to employees based on their accumulated PTO. Employees can use the funds as they need- whether it be for emergencies or to fund a vacation.

Transcription:

What is Sorbet?

So Sorbet was born when we noticed that a lot of US employees are not taking all of their time off. Now we're kind of programmed to think of time off in terms of hours and days that we can take as vacation, but in fact they're worth money. And so what Sorbet does is essentially calculate the value of your unused PTO and once you apply, we can provide you what we think is the cash value of what you will ultimately receive when you leave your employer, if you still have unused PTO days.

How is Sorbet different?

Well, there are a couple of other players in this market that do something along the lines of PTO, but it's very different than what we're doing. They're essentially helping companies administer PTO cash outs. Now, PTO cash outs are very different than PTO cash advances because a cash out is an actual compensation event that happens between an employer and an employee. And they essentially require two very significant asks from the employer. It requires them to pay cash if they have it, and it requires them a ton of overhead and friction to their benefits team to actually administer this program, this cash out program. Now, these two things are completely eliminated with Sorbet. Sorbet provides a cash advance against your PTO as a completely and external process, not between the employer and the employee, but between Sorbet and the employee. So A, the company doesn't have to pay cash, it can still pay out at termination when the employee actually leaves, and B, zero friction or overhead on the HR and benefits team.

Who is a good fit for Sorbet?

So you obviously have to have a relevant PTO policy, which means that you do have an allocation of PTO that you provide to your employees. It does have to roll over from year to year, so no use it or lose it policies, and you do have to have a policy which pays your employees at termination. If all of these things happen and you care about your employee's wellbeing, then this is relevant for you. In terms of employees, like I mentioned, people just don't use all of their PTO. In fact, our data shows that people only use on average about 55% of their PTO days. So think about it this way, any employee that can use a little bit extra cash without having to go to, you know, audacious payday loans or cannibalize their paychecks through earned wage access solutions, or lend against their 401Ks, this is for them. And we know that 69% of Americans don't have enough savings to cover a one time few hundred dollars expense. So this is pretty much relevant to anyone in any pay grade, in any industry, in any role.

Duration: 02:59

Posted: Wednesday, January 24, 2024

Video tags: Under 50 EEs, 51 - 100 EEs, 101 - 250 EEs, 251 - 500 EEs, 501 - 1000 EEs, 1001 - 2500 EEs, 2501 - 5000 EEs, Over 5000 EEs