The Time Off feature helps you manage everything related to employee leave in a way that is accessible and transparent to employees and managers. When creating Limited Time Off policies that are fixed, the accrual cycle needs to be set. For Limited Fixed Policies, the employees receive a certain amount of time off hours or days, and the accrual cycle determines when they accrue that time off. There are three options:
Calendar year (1st of Jan until 31st of December)
Custom date (customize when your fiscal year starts)
In this article, we will explain how to apply the different options to your time off policies.
Option 1: Calendar Year (January 1st)
This option allows you to accrue time off based on a calendar year, meaning from January 1st until the 31st of December. In the example below, employees will receive 120 hours on the 1st of January, all at once.
It is also possible to provide a portion of the balance through the year in pay periods. In the example below, employees will receive 10 hours each month (120 hours / 12 months = 10 hours).
Option 2: Custom Date
For companies that don't follow a standard calendar year, you can set a custom date for your fiscal year, for instance, April 1st. Now, time off balances will reset based on the custom date you set.
As with option 1, you can decide if employees should receive the time off all at once based on the custom date or throughout the year in pay periods.
Option 3: The Employee Work Anniversary Date
To grant time off based on an employee's work anniversary, select this option under the "Beginning of the Year" setting. In the example below, if an employee is eligible for 20 days per year and their start date is March 5th, they will receive the 20 days annually on that date.
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