Employers let workers buy, sell time off
Employees pay for more vacation, sick hours
At year's end, vacation days are a source of stress to employees everywhere. Many wish they could get more time away from the office, while others watch unused vacation days go to waste.
Some employers offer a worker-friendly solution — allowing employees to buy or sell vacation days or paid time off. For companies facing tight economic conditions, it's a way to offer a benefit that costs the company little but may help attract and retain employees.
Employers who offer it say it gives people the flexibility they need to manage their lives.
Stacey Rodriguez at Atlanta-based AGL Resources buys an extra week of vacation every year. She started buying the extra week when she joined the company at age 25.
"I thought it was great," she said. "Now, I get four weeks (of vacation), but I still buy an extra week," said Rodriguez, 46, who uses the extra time to visit family in Florida.
A 2010 survey of employers by consulting firm Mercer found that 14 percent of respondents allowed employees to buy or sell vacation days. About 9 percent allowed the option to sell, while 7 percent offered the option to buy, the survey found. Buy and sell provisions are slightly more common in paid time off plans that combine sick time and vacation time, as compared with vacation-only plans.
Kate Mahoney, who has worked at Kimberly-Clark in Roswell, Ga., for 10 years, said she buys a week of extra vacation every year. She and her husband are from Wisconsin and use the extra time off to spend Christmas with family.
"I do love the benefit," said Mahoney, who works in sales at Kimberly-Clark. A survey conducted by Harris Interactive for destination club Inspirato found that one-tenth of employees who get vacation time from their employer would prefer more time off over a higher salary or promotion.
- 10 jobs you can get right now
- 10 things to know about corporate inversions
- Summit County sees credit card breach after...
- Amish country bristles at ‘Mafia’...
- 6 financial moves to prevent sleepless nights
- Kennecott hopes project will change mountain...
- 3 ways insurers can still avoid covering the...
- Applications for US unemployment aid slip to...
- 10 things to know about corporate... 32
- 3 ways insurers can still avoid... 13
- Amish country bristles at... 10
- Mimicking the airlines, hotels get... 9
- Paul Mero steps down as head of... 9
- Burger King in talks to buy Tim Hortons 8
- Cantwell targets small business loan... 4
- Applications for US unemployment aid... 4