Consider your Options Before Setting Up Accrual Plans
Things to consider before setting up an accrual plan
1. How many types of time-off do you need to manage?
- Vacation, Sick, Personal, PTO, Other.
2. How many classifications of employees must you manage?
- Full-Time, Part-Time, Seasonal, Salaried, Hourly, Other.
3. What about negotiated time-off contracts?
Perhaps a group of individuals share a special plan.
Perhaps a plan must be unique to only one person.
4. On what do you base earnings?
Time of Service means that earned time off will be based on length of employment.
Hours Worked means that earned time off will be based on the number of hours worked the previous month or year, depending on how often you wish to accrue time off (Monthly or Yearly).
5. By what schedule do you wish to earn the time off?
Yearly, Semi-Annually, Quarterly, Monthly, Bi-Weekly, Weekly, Other.
6. When does the year begin?
Fiscal Date, January 1st, Hire Date.
If by Fiscal Date, make sure that you set your fiscal date appropriately in Global Preferences:
Click Settings > Global Preferences > Attendance. Enter your fiscal date and click Save.
7. Is there, a waiting period?
8. Should time off increase over time?
9. Should time off be carried over into the next year?
If so, how much?