Unused vacation time is a problem for both workers and employers—that’s where PTO Exchange comes in.
The start-up hopes to help both sides of the table, by giving employees some benefits for their unused time off and clearing the books for their corporate clients.
Start-up PTO Exchange is a new program that allows companies to buy back their employees’ unused vacation time, instead of rolling it over into the next year.
According to the Bureau of Labor Statistics, 57% of people carry over sick time and 55% of people can roll over at least some vacation time. About 436 million days are carried over, but about 222 million vacation days are lost each year.
If an organization implements PTO Exchange, employees will be able to convert unused paid time off into credits that they can spend on travel, health benefits, nonprofits, and even transferring time to coworkers.
Click here for the full Money article by Megan Leonhardt