How does Sorbet turn Paid Time Off problems into a win-win?
Speaking at Calcalist's FinTech 2021 Conference Sorbet Co-founder and CEO Veetahl Eilat-Raichel shares how the company transforms the concept of PTO
“Most of us don’t use up all of our time off and this creates a huge inefficacy for both employees and employers,” explained Sorbet Co-founder and CEO Veetahl Eilat-Raichel at FintTch 2021. According to her, the problem is two-fold: employees hold accrued days that they never really use and employees are stuck with a “liability on the books” because they’re constantly owing their employees money. “So everyone loses and we kind of solve all of that and we turn a lose-lose into a win-win.”
Sorbet‘s platform allows employees to convert paid time off into cash. “Like many things, Covid-19 didn’t actually create this problem, if anything it slightly accelerated a problem that existed before,” she continued. “Covid-19 did take our tendency to not use up all of our time off and made it worse. Everyone started working from home, there were travel restrictions and so basically people just stopped taking any time off.”
According to Eilat-Raichel, that’s when companies started getting in touch and sharing with the startup about how much they were concerned about the lack of time that people were taking. As recently as last month, Sorbet completed a $21 million Seed round to try to tap into the $270 billion market of unused PTO in the U.S.
You can watch the entire exchange in the video above.