Holiday and end-of-year hiring can mean something different for every company or organization. Some end-of-year hiring involves adding workers in order to accommodate a retail rush, or handle merchandizing, manufacturing, shipping or distribution needs. Holiday or end-of-year hiring can also help organizations manage staff shortages that happen because of vacations, anticipated sick days, or other […]Read More >
How Time Off Accruals Can Enhance Your PTO Policies
- nettime solutions staff
According to the Bureau of Labor Statistics, American employees are working 160 hours more each year than they were 30 years ago. This equates to one full month of additional work.
As a result, the additional job-related stress has reported to contribute to absenteeism, loss of productivity, and an influx of health issues that are collectively costing businesses within the US $344 billion of their revenue on an annual basis.
In an effort to reduce absenteeism and loss of productivity within the workplace, US businesses are reforming their vacation and PTO policies to better support their employees needs.
Types of Time off Accruals
Hourly accruals is accrued paid time off that is set by the number of hours an employee has worked. This means that for each hour worked the employee earns a specific amount of paid time off.
Fixed Time Accruals
Fixed time accruals an employee will receive the same amount of PTO, regardless if he or she worked overtime or took a leave of absence.
The great thing about time off accruals with a time and attendance solution is that the system can handle complex requests with ease. Time and attendance systems can be configured to support both types of accrual policies as well as grant PTO accruals if you have multiple types set up under one company.
Utilizing a sophisticated workforce management system with help your HR administrators manage employee accrual tracking and PTO policies simply and accurately – giving your employees the time off support they need.
Utilizing a sophisticated workforce management system will help your HR administrators manage employee accrual tracking and PTO policies simply and accurately – giving your employees the time off support they need.