PTO Exchange

PTO Exchange is a platform that allows employees to convert their excess PTO into benefits that matter to them - 401(k) or HSA contributions, student loan payments, charitable donations, and more.

Transcription:

What is PTO Exchange?

So, PTO Exchange is a platform that allows employees to self-direct a portion of the value of their accrued, but unused vacation time, and apply the value of those hours towards things that are meaningful for them. So really what we're trying to do is create choice and flexibility for employees with a benefit that's already being offered to them, and at the same time, reduce the liability associated with excess PTO. One of the interesting things about paid time off is it's the number two ranked benefit by employees, but on average, employees leave about a week and a half's worth of PTO on the books every year. So the design of PTO Exchange is we're trying to free up those dollars and this part of an employee's earned compensation to allow them to use it in a way that's more meaningful for them.

How is PTO Exchange different?

Well, PTO Exchange is the first platform that's brought this kind of technology to the market. We've seen a lot of different benefit companies offer different types of benefits in different types of ways. We're the first ones to allow employees to take their PTO and apply it towards things that are meaningful for them. So as you can see on the screen, our platform offers a host of different financial wellness and social wellbeing options for employees to choose from. So the design of the program is that everyone can get value from the system, regardless of their age or their position within the organization. Employees can take their PTO and they can apply it pre-tax towards their 401K or their HSA. They can use it for student loans or 529 plans. They can cash it out when they're hit with unexpected expenses. So it's really designed to help employees meet the needs based on where they're at in their life. The other part of our solution, which a lot of organizations love, is the social wellbeing component of it, where employees can use their PTO to donate to nonprofits they support, or share it with colleagues that are in need.

Who is a good fit for PTO Exchange?

Yeah, so one of the great things about PTO Exchange is that we're industry and size agnostic. So our solution really caters to companies who are looking for cost-effective ways to offer stronger total rewards program for their employees. We're really a great fit for companies who are looking at different ways to help with talent acquisition goals, but more importantly, looking to retain and engage their employees. We did a recent survey of our current client base and found that people that are using the PTO Exchange platform turn over at a 50% lower rate than those that don't take advantage of the benefit. So not only is it a great benefit that employees really appreciate, but on the finance side of the house, it's also a great way to reduce that growing liability of the excess PTO.

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Duration: 02:57

Posted: Tuesday, October 10, 2023

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