PTO Exchange and Ascendium have come together to solve a pressing issue for employers and their employees. Ascendium provides a platform to help employers facilitate a student loan paydown benefit. But tight budgets often limit employer participation. PTO Exchange enables employees to exchange the value of their unused paid time off (PTO) for rewards and causes that are important to them including retirement contributions, student loan payments, charitable donations, and more. Together we can help employees who are struggling with the burden of student loan debt and in turn help employers achieve important goals.
We sat down with David Sherman, director of channel and partnerships for PTO Exchange. For the past 40 years, David has worked with brokers, consultants, and benefit administration platforms to bring a deep understanding of the benefits landscape. At PTO Exchange his focus is on building and nurturing strategic relationships with key industry players to offer innovative solutions to their clients. David works closely with partners to help them deliver real value to their clients through their solution. PTO Exchange’s goal is to enhance employee financial wellness, and this partnership with Ascendium is a perfect example of how we’re making that happen.
Q: Can you describe the core services and products that PTO Exchange offers?
PTO Exchange offers a platform where employees can exchange some of their unused PTO for various options. These options include paying down student loans, contributing to a 529 plan, adding to their 401(k) and Health Savings Account (HSA), tuition reimbursement, getting emergency cash, or donating to a charity or a colleague in need. Employers have the flexibility to provide any one of these options or all of them.
Q: How does PTO Exchange differentiate itself from other organizations offering similar services?
PTO Exchange was founded in 2013 and created this category of benefit. Currently, there are no competitors that offer a platform that can do what PTO Exchange can. PTO Exchange is simple to onboard and can be implemented in as little as four weeks. This flexibility and choice, combined with the ability to reduce PTO liability for employers, sets PTO Exchange apart from any competition.
Q: What are some of the key challenges facing employers today that PTO Exchange addresses?
PTO Exchange addresses several key challenges faced by employers, including:
- PTO liability. For many organizations, the liability associated with large PTO banks is one of the largest items on the balance sheet. We can help finance departments pay down 100% of that liability at a fraction of the cost.
- Employee retention. Attracting and retaining top talent in a competitive job market is difficult. Employees who make an exchange on our platform turnover at almost a 55% lower rate than their colleagues who don’t.
- Persona-based benefits. For the first time in history, we have six generations in the workforce, and they all have widely different needs. PTO Exchange provides employees with meaningful benefits that help employees in all stages of life.
Q: How will this strategic partnership between PTO Exchange and Ascendium further benefit your clients?
The partnership between PTO Exchange and Ascendium will offer a unique solution to help many employees tackle one of the most pressing financial concerns — student loan debt. With PTO Exchange, employees have the option to convert a portion of their unused PTO into student loan payments. This flexibility not only helps employees manage their debt more efficiently but also contributes to their overall financial wellness. The partnership allows employers to offer a flexible and modern benefits package that aligns with the diverse needs of their multigenerational workforce, particularly younger employees and parents who may have significant student loan debt.
Q: What are you most excited about in regard to this new partnership?
I am most excited to leverage our combined strengths to create a more impactful solution for employers. By working together, we can help employers and employees alike realize the full potential of their PTO.
Contact John Hansen to learn more about this partnership. To learn more about PTO Exchange, visit .
