Time to Get Serious about your Time-off Policies

Time to Get Serious about your Time-off Policies

For most organizations, time-off management is an essential part of managing their workforce. Unscheduled time off, for instance, can throw a wrench into established employee schedules and can cause potential overtime and compliance issues. But whether scheduled or unscheduled, employee absences have a huge impact on the overall productivity of an organization, and can directly affect the bottom line.

Studies conducted by global consulting firm Mercer to measure the effects of employee absences show that all forms of unplanned absences can negatively affect payroll by as much as 9%. Clearly, it is time for organizations to take their time-off and vacation policies very seriously.

Here are some things your company should consider when implementing time-off policies:

  • Will we have buckets for different time-off types, or have a combined PTO bank?
  • How and what do we communicate about the different time-off types and their uses to our employees and supervisors?
  • What instructions around accruals, resets, and carry forwards should the PTO policy clearly mention?
  • What is the procedure to request time off? What information should be provided, and what documentation is needed?
  • What kind of approval structure should be in place for leave requests?
  • How should partial-day time-off requests be handled?
  • How will we share information about leave requests and approvals across teams?
  • Should we have a policy limiting the number of team members taking time off simultaneously? How will we apply the policy across the workforce?
  • Will we limit the number of hours or days an employee is permitted to take off in a month? Will employees be allowed to go in the negative and, if so, by how much?
  • How will we track and limit time-off liabilities?
  • How will this data be rolled up into the payroll or ERP system?
  • How will this data be shared with our top management to make policy changes, if needed?

To stay on top of these challenges, organizations are automating their processes around time-off management in the cloud. These are organizational benefits you can realize:

  • Streamlined time-off requests – Empower employees with self-service and give them visibility into balances and usage to reduce frequent inquiries to HR
  • Configurable approval workflows – Flexible workflows define the approval hierarchy, and automated alerts ensure accuracy and fast processing
  • Improved employee staffing and scheduling – With an advanced calendar view, employers get complete visibility into employee time off so they can ensure adequate staffing
  • Easy-to-manage balances and liabilities – Automatic accrual and balance calculations reduce administrative hassle, while advanced reporting makes managing time-off liabilities smoother
  • Improved compliance and dispute avoidance – Automatic accruals and end-of-year resets help prevent employees from taking time off they haven't earned
  • Seamless integrations with other systems – Ability to transfer time-off related information to payroll, HRMS, or ERP systems without any hiccups
  • No-hassle benefit of the cloud – Pay as you go, mobility, free upgrades and maintenance, faster time-to-value, and no capital investment requirements are the benefits of the cloud
Vivek Gopalpuria
ABOUT THE AUTHOR
Vivek Gopalpuria
Vivek is the Associate Director of Product Marketing at Replicon. Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time.
Get started today.
Set up a free trial based on your business needs. Start Free Trial

Calculating the ROI of Your Projects with Time Tracking

Before initiating a project, professional services firms want to know how much profit and revenue they can generate for the company. Return on Investment (ROI) analysis helps firms to evaluate…Read More

Humanizing the Time Tracking Tool

Benjamin Franklin once said, ‘Time is money’ and nowhere is truer than in business. Time is a strategic asset that is extremely limited. Businesses that use their limited time productively…Read More

How Time Tracking Improves Bottom Line Results

Every enterprise is looking for ways to improve its bottom line and gain profit in a given time. From hiring the right talent to training their existing employees, organizations spend…Read More

Demystifying the millennial workforce: 5 tips from Trunk Club’s Andrew Anderson Devine

Time magazine labels the millennial generation the “most threatening and exciting generation,” infamous for “narcissism [and] its effect: entitlement.” In the workplace, the perception of the millennial workforce is no…Read More

Time and Attendance Orientation Guide

In a growing business, the day will eventually come when managing time and attendance on paper becomes both inefficient and risky, especially when trying to balance things like overtime, paid…Read More

Using shared services? These five technologies are a must

As organizations continue to scrutinize operating costs and look for areas to drive efficiencies, shared services centers (SSCs) are a no-brainer. The concept of a multi-function SSC has been around…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others