Systems and methods for repurposing paid time off
The present disclosure relates generally to utilizing paid time off. In one example, the systems and methods described herein may provide an infrastructure to repurpose paid time off into other uses, such as cash, travel, bill payments, and the like.
1. A computer-implemented method comprising:
obtaining a request to repurpose an amount of a paid time off benefit, wherein the paid time off benefit is represented using a temporal metric, and wherein the request is associated with an employee having a corresponding employer;
determining a pay rate of the employee, wherein the pay rate is defined by the corresponding employer;
calculating a monetary value of the amount of the paid time off benefit, wherein the monetary value is calculated based on the pay rate;
receiving a selection to use the monetary value, wherein the selection corresponds to a set of available methods for repurposing the monetary value;
repurposing the amount of the paid time off benefit corresponding to the selection, wherein the amount of the paid time off benefit is repurposed according to the monetary value of the amount of the paid time off;
updating a system of the employer to indicate a new amount of the paid time off benefit available to the employee;
training a machine learning algorithm, wherein the machine learning algorithm is trained using the selection and historical paid time off benefit usage data corresponding to selections made by a workforce of the employer over time; and
generating one or more recommendations for policies extendable to the workforce, wherein the policies correspond to employee quality of life, and wherein the one or more recommendations are generated using the machine learning algorithm.
2. The computer-implemented method of claim 1 , wherein:
the selection is associated with a travel-related purchase, wherein the travel-related purchase is submitted via a travel partner; and
the method further comprises transmitting a monetary amount to the travel partner to facilitate the travel-related purchase, wherein the monetary amount is derived from the monetary value of the amount of the paid time off.
3. The computer-implemented method of claim 1 , wherein:
the selection is associated with a deposit to an account of the employee; and
the method further comprises depositing a monetary amount into the account of the employee, wherein the monetary amount is derived from the monetary value of the amount of the paid time off.
4. The computer-implemented method of claim 1 , wherein:
the selection specifies that the amount of the paid time off benefit is to be donated to another employee; and
the method further comprises:
determining a pay rate of the other employee;
calculating a paid time off benefit deposit amount for the other employee, wherein the paid time off benefit deposit amount is determined based on the pay rate of the other employee and the monetary value; and
updating the system of the employer to make available the paid time off benefit deposit amount to the other employee.
5. The computer-implemented method of claim 1 , wherein:
the selection specifies that the amount of the paid time off benefit is to be donated to an employer pool; and
the method further comprises adding the monetary value of the amount of the paid time off to the employer pool.
6. The computer-implemented method of claim 1 , further comprising:
providing an option to schedule a date for buy back of the amount of the paid time off benefit;
detecting arrival of the date; and
transmitting a notification to the employee to provide another option for the buy back of the amount of the paid time off benefit, wherein the notification is transmitted as a result of the option being accepted by the employee.
7. The computer-implemented method of claim 1 , wherein repurposing the amount of the paid time off benefit corresponding to the selection includes providing the employee with a debit card according to the monetary value of the amount of the paid time off benefit.
8. A system, including:
one or more processors; and
memory including instructions that, as a result of being executed by the one or more processors, cause the system to:
obtain a request to repurpose an amount of a paid time off benefit, wherein the paid time off benefit is represented using a temporal metric, and wherein the request is associated with an employee having a corresponding employer;
determine a pay rate of the employee, wherein the pay rate is defined by the corresponding employer;
calculate a monetary value of the amount of the paid time off benefit, wherein the monetary value is calculated based on the pay rate;
receive a selection to use the monetary value, wherein the selection corresponds to a set of available methods for repurposing the monetary value;
repurpose the amount of the paid time off benefit corresponding to the selection, wherein the amount of the paid time off benefit is repurposed according to the monetary value of the amount of the paid time off;
update a system of the employer to indicate a new amount of the paid time off benefit available to the employee;
train a machine learning algorithm, wherein the machine learning algorithm is trained using the selection and historical paid time off benefit usage data corresponding to selections made by a workforce of the employer over time; and
generate one or more recommendations for policies extendable to the workforce, wherein the policies correspond to employee quality of life, and wherein the one or more recommendations are generated using the machine learning algorithm.
9. The system of claim 8 , wherein the instructions further cause the system to:
provide an option to schedule a date for buy back of the amount of the paid time off benefit;
detect arrival of the date; and
transmit a notification to the employee to provide another option for the buy back of the amount of the paid time off benefit, wherein the notification is transmitted as a result of the option being accepted by the employee.
10. The system of claim 8 , wherein:
the selection specifies that the amount of the paid time off benefit is to be donated to an employer pool; and
the instructions further cause the system to add the monetary value of the amount of the paid time off to the employer pool.
11. The system of claim 8 , wherein:
the selection specifies that the amount of the paid time off benefit is to be donated to another employee; and
the instructions further cause the system to:
determine a pay rate of the other employee;
calculate a paid time off benefit deposit amount for the other employee, wherein the paid time off benefit deposit amount is determined based on the pay rate of the other employee and the monetary value; and
update the system of the employer to make available the paid time off benefit deposit amount to the other employee.
12. The system of claim 8 , wherein:
the selection is associated with a deposit to an account of the employee; and
the instructions further cause the system to deposit a monetary amount into the account of the employee, wherein the monetary amount is derived from the monetary value of the amount of the paid time off.
13. The system of claim 8 , wherein the instructions that cause the system to repurpose the amount of the paid time off benefit corresponding to the selection further cause the system to provide the employee with a debit card according to the monetary value of the amount of the paid time off benefit.
14. The system of claim 8 , wherein:
the selection is associated with a travel-related purchase, wherein the travel-related purchase is submitted via a travel partner; and
the instructions further cause the system to transmit a monetary amount to the travel partner to facilitate the travel-related purchase, wherein the monetary amount is derived from the monetary value of the amount of the paid time off.
15. A non-transitory computer-readable storage medium storing thereon executable instructions that, as a result of being executed by one or more processors of a computer system, cause the computer system to:
obtain a request to repurpose an amount of a paid time off benefit, wherein the paid time off benefit is represented using a temporal metric, and wherein the request is associated with an employee having a corresponding employer;
determine a pay rate of the employee, wherein the pay rate is defined by the corresponding employer;
calculate a monetary value of the amount of the paid time off benefit, wherein the monetary value is calculated based on the pay rate;
receive a selection to use the monetary value, wherein the selection corresponds to a set of available methods for repurposing the monetary value
repurpose the amount of the paid time off benefit corresponding to the selection, wherein the amount of the paid time off benefit is repurposed according to the monetary value of the amount of the paid time off;
update a system of the employer to indicate a new amount of the paid time off benefit available to the employee;
train a machine learning algorithm, wherein the machine learning algorithm is trained using the selection and historical paid time off benefit usage data corresponding to selections made by a workforce of the employer over time; and
generate one or more recommendations for policies extendable to the workforce, wherein the policies correspond to employee quality of life, and wherein the one or more recommendations are generated using the machine learning algorithm.
16. The non-transitory, computer-readable storage medium of claim 15 , wherein:
the selection is associated with a travel-related purchase, wherein the travel-related purchase is submitted via a travel partner; and
the executable instructions further cause the computer system to transmit a monetary amount to the travel partner to facilitate the travel-related purchase, wherein the monetary amount is derived from the monetary value of the amount of the paid time off.
17. The non-transitory, computer-readable storage medium of claim 15 , wherein the executable instructions further cause the computer system to
provide an option to schedule a date for buy back of the amount of the paid time off benefit;
detect arrival of the date; and
transmit a notification to the employee to provide another option for the buy back of the amount of the paid time off benefit, wherein the notification is transmitted as a result of the option being accepted by the employee.
18. The non-transitory, computer-readable storage medium of claim 15 , wherein the executable instructions that cause the computer system to repurpose the amount of the paid time off benefit corresponding to the selection further cause the computer system to provide the employee with a debit card according to the monetary value of the amount of the paid time off benefit.
19. The non-transitory, computer-readable storage medium of claim 15 , wherein:
the selection specifies that the amount of the paid time off benefit is to be donated to an employer pool; and
the executable instructions further cause the computer system to add the monetary value of the amount of the paid time off to the employer pool.
20. The non-transitory, computer-readable storage medium of claim 15 , wherein:
the selection specifies that the amount of the paid time off benefit is to be donated to another employee; and
the executable instructions further cause the computer system to:
determine a pay rate of the other employee;
calculate a paid time off benefit deposit amount for the other employee, wherein the paid time off benefit deposit amount is determined based on the pay rate of the other employee and the monetary value; and
update the system of the employer to make available the paid time off benefit deposit amount to the other employee.
21. The non-transitory, computer-readable storage medium of claim 15 , wherein:
the selection is associated with a deposit to an account of the employee; and
the executable instructions further cause the computer system to deposit a monetary amount into the account of the employee, wherein the monetary amount is derived from the monetary value of the amount of the paid time off.