What the company does?
401(play) the newest and most exciting start-up to hit the landscape in years is now in full force where Travel meets FinTech meets Employee Benefits! 401(play) brings the wonder of travel to employees as a company benefit.
The Current Landscape
The Great Resignation has left employers struggling to attract and retain top talent. Lower retention means lower engagement which causes lower productivity. Employees are suffering from feelings of burnout and lack of appreciation while not getting to reap all the benefits from the Paid Time Off (PTO) programs that employers provide.
In addition, the pent-up demand for travel is through the roof due to Covid-19, creating the perfect storm for a solution like 401(play). Many Americans are looking forward to traveling again after COVID- 19 restrictions are lifted. In today’s “war on talent”, organizations are looking for new and innovative ways to demonstrate they care about their employees and their wellbeing. 401(play) is the solution to help organizations differentiate themselves in the market and position themselves as an employer of choice.
There is one big differentiator that makes 401(play) unique, it’s the payments part of the solution. 401(play) is the only company that has figured out how employees can save through payroll deductions (and provide the option for employers to contribute or match) into an account that allows them to save and spend using a 401(play) Mastercard debit card.
Company Birth Story
Greg Nickolson, the Founder and CEO, owned another company and decided to change from a traditional PTO plan to an unlimited time off plan to reward his team. After several months, he noticed that his employees were taking LESS time.
To get to the root cause, he met with his team and asked why. The result was there was no convenient way for employees to save for a vacation. Since they did not have the funds to travel, employees opted to not take advantage of the generous unlimited PTO package that Greg was providing. This inspired him to start 401(play)!
The Solution
401(play) enables companies to offer travel as a benefit. Our tool is an online social platform to plan, save, budget and book travel at a discount.
Employees contribute through convenient payroll deductions into their Vacation Funding Account (VFA). They are issued a 401(play) debit card through MasterCard. In addition, employers can choose to also contribute into employee’s accounts. Currently, clients use 401(play) as their rewards and recognition program in ways that make sense for their population. The most frequent employer contribution models include contributing per paycheck per employee, providing spot bonuses (e.g., highest sales) and contributing into the VFA in lieu of a sign-on bonus. What a great message for new employees, “we are so excited for you to work with us, we’ll help pay for your next vacation!”.
A founder quote
“Making a difference in the lives of employees through the benefit of travel is a game changer. The working experience exponentially improves for both employers and employees when employees make wonderful memories by optimizing their PTO”.
Check It Out: https://www.401play.com/
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