A global consulting firm known for its innovative benefit programs is taking a novel approach to income replacement — using it to help employees guarantee an income stream during periods of unpaid leave.

Accenture’s Future Leave program, offered since January 2008 after two successful pilot runs, is a self-funded sabbatical that enables employees and senior managers in good standing with at least three years of continuous employment take off up to four months, when combined with paid time off and the Family Medical Leave Act.

 “Our people told us through employee surveys that they wanted flexibility and the option to have time off to pursue family obligations and/or interests,” says Sharon Klun, manager of Accenture’s U.S. work-life initiatives. “Payroll deduction was a benefit employees specifically wanted.”

Here’s how it works: Employees establish a separate direct-deposit account into which a portion of their salary is earmarked for the program and distributed back to them as a paycheck throughout the time they plan to be away from the office. In the spirit of worksite markets, it works much like an income-replacement ratio for disability insurance — but one that can be customized to each employee’s needs and desires. The employee-funded leave can be taken once every three years.

About 200 employees of Accenture’s 30,000-member U.S. workforce have taken part in Future Leave in each of the past two fiscal years — all the while continuing to receive health care and other insurance coverage at standard employee premium rates during that time.

Employees, who can apply for the program any time of year, may divulge the reason for their leave of absence, but aren’t obligated to do so. Between 30% and 40% of program participants applied their time off toward maternity leave, while others have used the leave to help save a family business, spend time with children, care for a sick family member and volunteer in their community or abroad.

Future Leave was recognized by The Conference Board’s Work Life Leadership Council 2008 Moving into the Future Award and Talent Management magazine’s 2008 Work-Life Innovative Excellence Award.

Accenture’s family friendly benefits also have helped land the company on Working Mother magazine’s annual list of the “100 Best Companies” seven consecutive years — for which the Future Leave program was described as “a leading best practice,” as well as a spot on Fortune magazine’s 2009 ranking of the “100 Best Companies to Work For.”

Klun has been contacted by about 25 companies in just the past six months to learn more about the program.