Time off allowances are counters used to limit the number of days or hours that an employee can be absent from work.
In Factorial, there are different types of time off allowances that cater to different specific needs. These allowances are designed to help to manage time off policies in an efficient manner
Where to find time off allowances?
- On your sidebar, head to Settings
- Go to the Time section
- Click on Time off
- Choose the policy in which you want to add time off allowance and click on See policy
Creating a new time off allowance
- From the time off policy basic information page, click on Add time off allowance
- Introduce a Time-off allowance name
- Click on Set up allowance
❗Remember that you need to have at least one time off allowance for a time off policy. If you have at least one, then you will be able to delete the second one.
You can always edit time off allowances, but once created, you won't be able to change the type of allowance.
Discovering different types of time off allowance
Factorial provides three types of time off allowance: fixed balance, based on time worked and overtime.
Fixed balance
This time off allowance is perfect if you want to offer a fixed number of days off to your employees.
💡 Companies can use a fixed balance time off allowance if they have a set number of days off in their time off policy. This allowance applies regardless of the employee's working time.
How to configure fixed balance time off allowance
Based on time worked
This time off allowance is perfect if you want to offer a variable amount of time off based on the time worked.
💡 It is the ideal solution for companies that want to offer more flexibility to their employees. Time off based on time worked is useful for workers who get their salaries and time off according to the hours worked (also for 0-hour contract workers in the UK, for example).
How to configure based on time worked time off allowance
Overtime
This allowance is suitable for companies that want to reward employees who work extra time.
💡 This type of allowance can be used to build employee loyalty and strengthen the relationship between employer and employee. By showing that they value their employees' hard work and dedication, companies can create a positive work environment and foster a sense of belonging among their staff.
How to configure overtime time off allowance
👉 You can create as many time off allowances as you need within the same time off policy. For example, you can create an allowance for the standard company holidays that every employee is entitled to, and add another allowance for days accrued by working overtime.