NEW YORK, Dec. 2, 2021 /PRNewswire/ -- Sorbet, the fintech company allowing employers to refinance Paid Time Off (PTO) and employees to cash out on unused days, has announced a new offering to help businesses alleviate employee PTO debt before year end. With less than one month before the start of the new calendar year, Sorbet LITE is the flexible financing tool arriving just in time to alleviate employer debt resulting from untaken PTO, while providing employees with extra cash for the holiday season.
Employee accrued PTO debt can be a highly unpredictable liability for CFOs and HR managers, much more so than other forms of debt. For one, it increases over time and balloons with wage inflation. While Sorbet is a long-term solution for companies looking to shift the culture around wellness benefits and incentivize employees to take PTO, Sorbet LITE provides instant gratification with an end of year antidote for CFOs and HR managers left with employee debt on their balance sheets. This also benefits frustrated employees left with an illiquid portion of their hard earned compensation - unusable accrued time off before the calendar work year ends. Sorbet LITE allows employees to easily log in with their work email and in four simple steps, cash out a portion of their eligible time, as approved by their employer. Cashed out time is loaded onto a prepaid Visa card which can be used anytime, anywhere.
"In our discussions with CFO's and CHRO's we came to realize that PTO is in dire need of a deep cultural change," said Veetahl Eilat-Raichel, CEO and co-founder of Sorbet. "Our core platform Sorbet certainly supports this paradigm shift, but Sorbet LITE is filling the immediate need for a quicker, leaner and more transactional solution to help companies before the end of the year. This ensures that employees and employers are not left scrambling, and allows companies to restructure their finances and lessen the worry about wage inflation, potential corporate tax increases and other financial concerns that may have grave implications on the balance sheet in 2022."
The larger, more comprehensive Sorbet product involves a mobile app that an employee downloads, that analyzes time management patterns and habits, syncs with calendars and HR systems and begins to suggest pre-approved time off to encourage and incentivize employees to take as much time as they possibly can, without disrupting their work. It then predicts the amount of time the employee won't be able to take and suggests cashing out their unusable PTO immediately, instead of having to wait until the employee leaves the company.
For full information about Sorbet LITE and Sorbet, visit GetSorbet.com.
Sorbet is a fintech company transforming the most broken benefit – Paid Time Off (PTO) – into a win-win for businesses and their employees. Sorbet integrates into a company's HR systems to analyze data to create tailor-made, time off plans, with a platform that proactively suggests pre-approved breaks and vacations while enabling employers to refinance unpredictable PTO-related debt. This solution also lets employees instantly cash out unusable time, rather than having to wait until they leave the company. Once Sorbet assumes the liability, employers can decide when they want to pay it back, which allows businesses to refinance the liability to control cash flows and protect from wage inflation, while also saving on costs and increasing tax deductions. Sorbet was founded in 2019 by Veetahl Eilat-Raichel (CEO), Eliaz Shapira (CPO) and serial entrepreneur Rami Kasterstein, and has received the largest seed funding round of any Israeli fintech company to date.
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