Buying Vacation Time
Hello- I am curious if anyone has experience in the space of allowing employee's to buy vacation time each year? What does it look like? Do you have a cut off time each year they can do this? Do you payroll deduct their hourly/salary etc?
Thank you!
Bryan
8 replies
-
Hi Bryan. My current Company allows team members to see PTO during open enrollment. I have seen PTO purchase at a previous Company during open enrollment, but I don't recall seeing PTO sell during open enrollment until now. PTO payout is early in the following year. I like that there is a window and process with established deadlines during open enrollment!
-
I am interested in this concept. How big is your company Bryan?
-
Right around 100 employees. Concept would be to essentially payroll deduct for the week of vacation. I think implementing wouldn't be that crazy, but would need some guard rails.
-
Hi Bryan, I've worked with a company who offered this benefit. It was a great program! Employees were able to purchase up to 5 PTO days each year and the money was donated to 1 of 5 charities that they partnered with. It was a payroll deduction.
-
Hey Bryan,
A few months late to the party here, but I use to work for a company that offered this. If you still need information on this topic, happy to connect and share what we did!
Amanda