Comments on: This Company Lets You Turn Your Unused Vacation Days into Student Loan Payments https://www.evilhrlady.org/2019/02/this-company-lets-you-turn-your-unused-vacation-days-into-student-loan-payments.html Everything to make HR better Fri, 08 Feb 2019 17:58:24 +0000 hourly 1 https://wordpress.org/?v=7.1.2 By: Sara https://www.evilhrlady.org/2019/02/this-company-lets-you-turn-your-unused-vacation-days-into-student-loan-payments.html#comment-213437 Fri, 08 Feb 2019 17:58:24 +0000 https://www.evilhrlady.org/?p=5114#comment-213437 I really, really, really like it when employees take all of their vacation time. I think they need the break. But I get why student debt would be a huge stressor on an employee, and it would be good to help them with that too.

]]> By: MariaRose https://www.evilhrlady.org/2019/02/this-company-lets-you-turn-your-unused-vacation-days-into-student-loan-payments.html#comment-213435 Thu, 07 Feb 2019 21:41:42 +0000 https://www.evilhrlady.org/?p=5114#comment-213435 Acquirement of time (personal, sick and vacation) like stated in grannybunny’s comment with the option to use that paid time in various ways is a workable option. The company has already committed those labor dollars to the fiscal year (in other words paid for it already), so the employees could have the choice, as to how to spend the money if they don’t want to use the time off. I hated having to use up my paid time because the company refused to consider letting the employees pile up the hours (mainly because of the abusers who would save all the time until the end of work life) Having an annual discussion on annual leave would eliminate this problem. The main reason companies try not to do this (I think) is part of the closeout paperwork problem of removal of paid time as it affects payroll payout timing. But that can be overcome if handled properly.

]]> By: grannybunny https://www.evilhrlady.org/2019/02/this-company-lets-you-turn-your-unused-vacation-days-into-student-loan-payments.html#comment-213434 Thu, 07 Feb 2019 19:04:30 +0000 https://www.evilhrlady.org/?p=5114#comment-213434 I like our arrangement at the Postal Service. Once a full-time career employee has been here a few years, they earn 208 hours per year of Annual Leave and 104 hours of Sick Leave. During Open Season, they can participate in Annual Leave Exchange, cashing in up to 128 hours of Annual Leave, using the resulting money however they wish.

]]> By: Janice https://www.evilhrlady.org/2019/02/this-company-lets-you-turn-your-unused-vacation-days-into-student-loan-payments.html#comment-213433 Thu, 07 Feb 2019 18:47:14 +0000 https://www.evilhrlady.org/?p=5114#comment-213433 Great idea but How is this done? I would love more details

]]> By: Camellia https://www.evilhrlady.org/2019/02/this-company-lets-you-turn-your-unused-vacation-days-into-student-loan-payments.html#comment-213432 Thu, 07 Feb 2019 17:34:13 +0000 https://www.evilhrlady.org/?p=5114#comment-213432 Neither of the articles say exactly why/how the money goes specifically to student loans – does Unum Group send in the loan payment for the employee? I find it interesting if that is the case. My company allows us to sell back (next year’s) vacation days, and they simply give us the money (after taxes of course). We can then spend that money however we choose.

The one restriction my company has is that the employee must retain at least five vacation days for that upcoming year, which does address Suzanne’s point of still needing time off.

]]> By: BethRA https://www.evilhrlady.org/2019/02/this-company-lets-you-turn-your-unused-vacation-days-into-student-loan-payments.html#comment-213431 Thu, 07 Feb 2019 16:45:47 +0000 https://www.evilhrlady.org/?p=5114#comment-213431 Probably not the dumbest idea if you’re trying to attract and retain younger workers, but yeah, it would be more equitable to provide a benefit like this across the board.

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