Reviewing all the settings including base accrual, new hire proration, maximum balance, and more!
Before we dive in, check out this article on how to start configuring your PTO policy 😀
Check out this video for a walk-through of the accrual settings:
Here are the following settings you can adjust when setting up an accrual based policy:
- Set in Hours (not days): How many days or hours do people accrue per policy year?
- When should the hours be added to their account? Enter in FREQUENCY and the policy start date.
Tenure Accrual Rate
- Do people get bonus hours depending on their tenure?
- In GoCo you have the ability to add additional hours to an employees balance based off of how long they have worked at the company. You will have the option to add them at their next scheduled accrual or immediately on their anniversary.
- Maximum balances allow you to stop your employees’ accrual once they reach a certain number of hours. If you also have tenure milestones, you can adjust the max balance per milestone as well.
- This setting allows you to reset your employees balance or allow them to carry over a certain amount of hours from one policy year to the next.
- This setting comes in handy if your employees must request in increments. For example, if you only count half & full days and your typical work day consists of 8 hours, it’s recommended you set their increments to 4 hours.
- The waiting period allows your new hires to wait a certain amount of time before requesting time off. Additionally, you’ll be able to toggle whether or not they accrue hours during that waiting period.
New Hire Proration
- This comes into play when your accrual is NOT set on hire date. If you start in the middle of the policy period – do you want the time pro-rated? Or do they have to wait until their next scheduled accrual?
- Do you have to pay out unused/overused money when an employee leaves? If so, track liability here.
Please note that in GoCo you are only allowed to set up 3 separate accrual based polices: Sick Time, Personal Leave, & Vacation. You will only want to turn on the different types of leave if you count all of those hours/accruals separately.