Benefit Advisors Network (BAN) Develops Strategic Collaboration with PTO Exchange
Benefit Advisors Network (BAN) has developed a strategic partnership with PTO Exchange, a benefits platform that can turns unused paid time off (PTO) hours into liquid assets.
FREMONT, CA: Benefit Advisors Network (BAN) is a national network of independent employee benefits firms. In recent times, the company announced that it had developed a strategic partnership with PTO Exchange, which is a benefits platform that can turn unused paid time off (PTO) hours into liquid assets, which can be converted into things employees value, like retirement accounts, student loan payments, emergency cash, donations, and more.
In terms of the new collaboration, now the BAN's 120+ member firms nationwide will provide PTO Exchange to the client companies in the United States.
"There is approximately $65B of unused PTO that is forfeited by employees each year," says Rob Whalen, CEO of PTO Exchange. "And 2020 is projected to be even worse. COVID-19 has led to employees banking a massive surplus of unused vacation time - up to 34% more, according to industry surveys." Continues Whalen, "Our platform gives employees more options to convert that unused vacation into other assets based on their own personal priorities. For employers, we offer a cost-neutral way to extend their current PTO benefit, further support employees, and proactively manage their PTO surplus liability. Particularly at a time when the American workforce needs more options and tools to weather the disruptions caused by COVID-19, we are excited to partner with Benefit Advisors Network."
Employees can utilize PTO Exchange for converting unused vacation into:
• Student loan repayment – Offers tuition reimbursement and help to pay down student loans, estimated to total $1.48 trillion in the U.S. today
• Healthcare - Employees can self-direct to their healthcare savings (HSA) or flexible spending accounts (FSA)
• Donations - Give to almost 1 million charitable organizations in the U.S.
• Retirement savings - Allow employees to add to their 401(k) plans
• Emergency expenses - Provide power to the estimated 40% of Americans who cannot cover an unexpected $400 expense
• Travel - Exchange for airfare, hotels, and other travel
• Leave-sharing - Contribute PTO to fellow employees who may require it
For employers, the advantages consist of:
• Offering differentiated benefits to attract and retain talent
• Proactively decreasing the ballooning surplus PTO liability
• Extending their current PTO benefit
• Improving support for a multi-generational workforce