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accrued holidays

Managing accrued holidays with Factorial

We all love time off and like to organise our holidays so we can make the most of them. So, what happens at the end of the year when employees haven’t used all of their days off? Remaining days off can be referred to as accrued holidays which we will now dive into further.

 

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what does Accrued Holidays mean?

Holiday accrual means an employee’s holiday entitlement builds up in proportion to the amount of time they have been working in that particular company. The accrual system can calculate how many days an employee can take off, if they work for an employer for part of the holiday year.

 

Can I accumulate time off from one year to the other?

It depends on the company’s annual leave policy. Some organisations offer a total number of holidays at the beginning of the year and you have to use them before it ends. Others have a policy where an employee can receive a maximum number of accrued days depending on how long the employee has been working in the company. Generally, employers are free to set the accrual method they think works best for the organisation and the employees.

For example, in recent years more and more companies have started to experiment with their annual leave policies which are referred to for taking days off. Different holiday arrangements can be used as a strategic tool to keep employees engaged and motivated, also leading to reduced turnover and a more productive workforce. With this in mind, some companies are now offering unlimited holidays or flexible holidays as a benefit (where employees can swap their time off in exchange for other benefits and visa versa.)

Consequently, accrued holidays are something most companies provide. In this case, Employee Holiday Tracking Software is the perfect solution for you. Our software can help you monitor employee holiday entitlement, by tracking holidays employees have decided to accumulate.

 

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One of the most convenient functionalities on Factorial: Accrued Holidays

Using Factorial’s leave management software, you can select the maximum number of holidays an employee can accumulate from one year to the other. In accordance with your time off policy, you can select the date the holidays need to be used up by. Nonetheless, If there are no maximum number of days, you can select the unlimited accrued days option.

Employees can access the software using their personal account and select their preferred holidays. Shortly after, their supervisor will receive a notification and accept or reject this request. This way, employers and employees will always be aware of how much time off they still have left to enjoy. The process is made simple and stress free!

Using our Time Management Software allows you to manage much more than your employees holidays and absences. You can manage sick leaves, medical leave, paternity leave, working from home days and any other kind of absence you can think of! All the details can be reflected on your calendar page. Personalise calendar entries with different colours so you can see what’s going on in just a quick glance!

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