We believe that reconstructing paid time off will craft healthier businesses. Each year, employees use on average only 72% of their paid time off, resulting in $272 billion in annual carryover liabilities for their companies (an average of $2,226 annual liability per employee). Instead of being forced to pay out unpredictable accrued vacation balances whenever an employee leaves the company, Sorbet provides organizations with the agency to control their finances. Sorbet technology offers insightful accrual predictions, loan refinance flexibility, funding, and infrastructure to reduce PTO liabilities, save costs, predict cash flows, and maximize tax benefits, all while offering employees a cash-out benefit. How it works: - Once approved by the employer, Sorbet allows employees to choose the portion of accrued balance they would like to cash out immediately (similar to an “invoice factoring” solution). - In turn, Sorbet enables employers to decide when they want to pay us back while saving financing costs in the process. - Employees’ cashed-out time is loaded onto a prepaid card which can be used anywhere Visa is accepted. - Employees can invest in themselves with access to highly curated wellness, travel, and entertainment experiences, fully localized to support small, local, and minority-owned businesses, relevant even in the state of a pandemic. With Sorbet, employers can provide their employees with an incredible financial and wellness benefit while regaining full financial control and flexibility to minimize, restructure, and refinance accrued vacation liabilities for immediate, quantifiable impact on the balance sheet and bottom line. Headquartered in Tel Aviv with offices in NYC and Kyiv, we’re hiring a global team of relentless entrepreneurs to help disrupt a $272 billion opportunity. Join us!
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