Seattle-based comprehensive employee benefits platform PTO Exchange announced May 14 it has reached a major milestone, facilitating over 2 million hours of PTO (paid time off) exchanges, equating to over $100 million.
The achievement highlights the demand for innovative HR solutions like convertible PTO, which cater to the diverse financial needs of today’s workforce. The company says over 765 million vacation days go unused in America each year. Due to IRS and other regulations, this compensation has been virtually impossible for employees to exchange for other forms of financial rewards. Until now.
“We’re redefining what it means to support the modern workforce,” said Rob Whalen, Co-Founder and CEO of PTO Exchange. “Our journey reflects a commitment to innovation, ensuring that employees have the autonomy to navigate their benefits in a way that best fits their changing lifestyles, providing both security and empowerment.”
The company has been a leader in convertible PTO for years, and is continuously enhancing its integrated platform to meet the shifting needs of modern employees, offering cost-efficient, flexible benefits and significantly reducing employee turnover by an average of 54%.
PTO Exchange has collaborated with over 130 organizations, including Fairway Mortgage, SAC Health, Easterseals MORC, Makeready Hotels, and Griffin Capital, showing a marked increase in platform activities with 50.8% of transactions occurring since early 2024.
As of today, the platform has helped more than 100,000 employees manage economic challenges by directing over $10 million in pre-tax contributions towards retirement and HSA exchanges.
“We have partnered with PTO Exchange for two years to provide a vehicle that is flexible to meet individual needs and supports our employees’ financial well-being,” says Aimee Bosma, Director, Total Rewards at Dayton Children’s Hospital. “Our PTO plans are generous, and our partnership with PTO Exchange allows our employees to benefit from their PTO hours in ways that are most meaningful to them. In fact, it is now one of our most consistently utilized benefits. Dayton Children’s employees alone have exchanged over 25,000 hours to date.”
Supported by key integration partners such as ADP, UKG, Businessolver, NFP, and Transamerica, PTO Exchange/BNFT stands as a premier choice for forward-thinking benefit solutions.
“With seamless integration into hundreds of HRIS, Payroll, and Time Attendance systems, PTO Exchange’s toolset makes implementation straightforward,” Whalen said. “As we continue to enhance our platform, we’ve introduced Savings Exchange, Giving Exchange, and LPA Exchange, providing flexible and affordable benefit options. These new capabilities help our clients stand out in the market by effectively attracting and retaining top talent.”
