Workaholics rejoice! There is a way to utilize your accrued paid leave!
Instead of trying to squeeze paid leave off in between deadlines or carrying it over to next year, PTO Exchange is working with employers to let their workers trade in the value of their unused "paid time off" for other perks.
These could include added contributions to a 401(k) account, money to put toward college tuition expenses, reimbursement for travel expenses or a donation to a favorite charity, depending on how the employer sets up the account and what it wants to encourage.
Flexibility is PTO Exchange’s goal. Not everyone has the same needs, so the ability to self-direct truly makes PTO a benefit. Older employees may opt-out of saving for a vacation and put funds toward retirement savings, while a younger employee might like to use it toward repaying student loans.
“Craig Dolezal, a senior vice president at the human resources consultancy Aon Hewitt, says the start-up is an example of an increasing interest on the part of employers to offer more variation to employees in how benefits dollars are spent, especially as it copes with multiple generations in the workplace. "It's a really interesting approach that fits perfectly into [that] discussion," he says. "People want more flexibility."
Implementing a flexible strategy is something both employees and employers can get behind. PTO Exchange offers a flexible package for employees, while employers can remove a liability from their book and create a culture.
Click here for the full Washington Post article by Jena McGregor