“We’ve spent years investing and building a flexible benefits platform that caters to the diverse and evolving needs of today’s workforce. The ability to tap into unused PTO creates meaningful benefits for employees while reducing costs and liabilities for employers.” - Rob Whalen, CEO, PTO Exchange
SEATTLE (PRWEB) March 04, 2020
Unemployment remains at a low of 3.6%, putting talent in the hiring driver’s seat. Meanwhile, the workforce continues to diversify more than ever before, from Baby Boomers to Gen Z’ers, full-time to gig economy, and moms to veterans returning to work. It’s against this backdrop that the world’s only comprehensive and patented flexible benefits platform, PTO Exchange, today announced the adoption of its solution by several companies across industries to better serve today’s workforce.
Customers new to PTO Exchange’s roster include InformedDNA, a leader in genetic testing, 4Wall Entertainment, an entertainment equipment supplier, SH Hotels, WSRB, which provides risk evaluation services, and GM Nameplate, a supplier to some of the world’s largest manufacturing companies. These companies join existing customers such as Premera Blue Cross and DaVita Kidney Care, and now represent over 50,000 employees on the PTO Exchange platform.
“We’ve spent years investing and building a flexible benefits platform that caters to the diverse and evolving needs of today’s workforce,” said Rob Whalen, CEO, PTO Exchange. “The ability to tap into unused PTO creates meaningful benefits for employees while reducing costs and liabilities for employers.”
Employers that partner with PTO Exchange can reduce their accrued PTO balance sheet liabilities, while enabling their workforces to exchange the monetary value of their unused paid time off (PTO) for:
- Financial Wellness
- Retirement savings - allow employees to add to their 401(k) plans
- Student loan repayment - provide tuition reimbursement and help to pay down student loans, estimated to total $1.48 trillion in the U.S. today
- Emergency expenses - empower the estimated 40 percent of Americans who cannot cover an unexpected $400 expense
- Healthcare - employees can self-direct to their healthcare savings (HSA) or flexible spending accounts (FSA)
- Travel - exchange for airfare, hotels and other travel via a partnership with Priceline
- Community Giving
- Giving - donate PTO to fellow employees who may need it
- Charity - make donations to over 1 million charitable organizations in the U.S.
“We operate in a very competitive job market," said Rachel Conwell, HR Director, InformedDNA. "PTO Exchange helps us attract and retain employees, and differentiate us in the marketplace."
There were an estimated 768 million days of unused PTO time and approximately $65 billion in total benefit value forfeited by employees in 2018, according to research outfit Project Time Off.
About PTO Exchange
PTO Exchange is a benefits platform that turns unused paid time off (PTO) into liquid assets that can be converted into things employees care about – retirement, student loan payments, travel awards, charitable causes and more. PTO Exchange helps companies attract & retain talent, reduce balance sheet liabilities and strengthen community, all while helping employees reclaim lost PTO. PTO Exchange is SOC 2-certified and trusted by Premera Blue Cross, DaVita Kidney Care, SH Hotels and others. Learn more at http://www.ptoexchange.com.