The latest PTO trend: Letting employees exchange it for cash, retirement savings, or even student loan payments

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In an effort to retain employees, companies are getting creative when it comes to how employees take advantage of their paid time off (PTO). Instead of unused days getting rolled over or expiring, organizations are setting up programs that convert them into other funds for employees to use. That includes exchanging them for cash, charitable donations, or contributions to student loan payments, 401(k)s, or healthcare spending accounts (HSAs).

These programs started...