Want More Time Off? Some Employers Let You Buy It
Want more time off work to hang out at the beach? Need a little cash and have vacation days to spare?
Some companies allow their workers to buy and sell vacation time, a perk that gives workers more flexibility in managing their time off.
The novel approach might help employees buy some extra days off to take the trip of a lifetime or spend more time with a newborn. Co-workers could sell off unused days to get some extra money.
“When times are a little tight, this benefit really doesn’t cost a lot of extra money to employers to provide,” said Julie Stich, research director for the International Foundation of Employee Benefit Plans. “It’s offered by more forward thinking or flexible-type employers.”
A soon-to-be released survey by the Society for Human Resource Management found that 9 percent of employers allowed workers to cash out unused vacation time. Five percent let employees purchase additional vacation days through a payroll deduction. An additional 7 percent allowed employees to donate vacation time to a general pool that can be used by other workers.
The approach is even more popular with employers that have “paid time off” or PTO plans that combine vacation time, sick leave and personal days into one comprehensive plan. About 52 percent of employers reported offering such plans. Of those, 19 percent offered a cash-out option and 15 percent offered a donation program. One percent give their workers unlimited time off.
ANYTHING, ANYTHING to not give workers more paid vacation time. I can’t even begin to say how hard this blows.