Will a new trend that allows employees to balance money and time off take off?
Treating time as a resource, some companies now allow their employees the chance to either cash-in on vacation days for extra money, or buy extra time off.
In a survey conducted by the Society for Human Resource Management, 9 percent of employers implement schemes which allow workers to cash-in unused days off, and roughly 5 percent let employees purchase extra time by deducting salaries. In addition, 7 percent allowed employees to donate vacation time to a "general pool" for other workers.
Flexible options for your days off are more popular than PTO plans which combine vacation time, sick leave and personal days. Approximately 52 percent of employers offer these plans; 19 percent of which allow cash-in options.
The cost of a week off is usually equivalent to salary. USG, for example, offers up to a week of additional vacation time -- trimmed from two weeks after the scheme became too popular. Roughly half of the firm's employees buy an extra week, whereas only five percent sell this time. Kimberly Clark Corp. and USAA also advocate flexible planning, citing productivity boosts and effective time management as boons for business.
Human Resource Management's Evren Esen said more companies are moving toward PTO plans, commenting:
"In terms of human resources it's easier to manage it. They put everything together in one bank and don't have to separately track sick, vacation or personal days."
Some companies now also offer trade-ins of vacation time for benefits including disability or medical insurance.
Read More: Huffington Post
Image credit: Flickr