Time Account Payouts/Leave Cashout – Whats New for Payouts in EC Time in b2005!!
Welcome Back!! This is my first blog as a product manager for EC Time and I am so excited to share all cool features which we develop to make EC Time Off more complete with features and functionality to enhance your experience. Heres one cool enhancement to our b2005 which is sure to delight you!
Employee Central Time is on an accelerated path to deliver innovation and one such feature that can benefit all our customers who have Implemented Time Off or in process of implementing it is Time Account Payout or in more common terms called Leave Cashout. Using this feature your employees or time administrators can request cash for their unused leave balances against time accounts as an additional benefit in accordance with statutory requirements of your country and your company policy. It also allows you to payoff employees accrued and entitled leave (vacation/sick) balances when they leave the company as part of termination settlement.
Scenarios for Cashout
1: Unused Leave/Vacation Balance at the end of the booking period
2: Employee transfers form accrual based vacation plan to a freedom plan (Unlimited PTO plan)
3: When the employee is terminated.
4: Unused Personal Days (Sick Days)
5: Cashout for accrued Comp Time Balance.
With correct policy guidelines that do not discourage employees to take vacation, this can be a great benefit to introduce in your organization that boosts employee morale by giving them more control over their vacation benefit.
Why should you implement this?
Lower your financial Liability
Many organizations have the policy to roll over vacation balances from past year to next year resulting in employees have a large vacation balances increasing the financial liability of the company. Allowing cashout will definitely help you lower that financial debt of your company.
Implement flex benefit for your employees
This benefit can provide additional cash to your employees during the time they need it the most and relieve you of your financial liability . It is one of the hot benefits on the flex benefit list. It also gives them more control of using their balances in ways thats important to them.
Included with Employee Central Time OFF
This is included without Employee Central Time Off offering so as a customer you can get huge value in implementing this feature without having to pay additional license or consulting cost. The self service capability will definitely lower your administrative burden and also provide wonderful user experience to your end users
Using the Time Account payout Features, customers can empower their employees to request cash out from any type of eligible time accounts through a simplified user experience. Alternately a manager or an admin can also enter a payout request on behalf of the employee. Customers can implement their business validations on newly created payout requests by configuring business rules using the Payout Validation Rule Scenario and workflow request can be created for payouts entered by employees.
What’s new in b2005!!
The feature to request payout on time account has been part of EC Time Off for more than two years. However previously only Time admins were able to create payouts using Time Admin Workbench payout tabs or an HR admin at the time of terminating an employee for eligible time accounts. There was a long standing influence ticket by many of our customers to add self service capabilities to this. We listened to you and we delivered a simplified feature rich self service experience for your employees to request payouts. Here is what’s new !!!!
Action Search/New Home Page Tile for Payouts.
Please note you can customize action search so your employees can search for terms more relevant to your business like Leave Cashout, Leave Sell.
This is the landing page when your users come to when they click on Action Search or Home page tile. It show only those time accounts that are eligible for self service. Employees can click on request balance on any time account to request a payout
Simplified User Experience
While they are many fields that are available to the admin while requesting the payout, we have simplified the employee experience to request payouts to provide input for only for the necessary fields: number of days/hours for payouts and optional fields such as attachment which users can use to add supporting documents.
Customers also configure custom help text in the top that can take employees to the company policy page using embedded hyperlinks.
Customers can now configure their own business logic by creating business rules using the new Time Account Payout Validation rule scenario. It gives you more power to implement rules that support your company policy
The above error message “You cannot request more than 40 hours” is returned as a result of configured business rule which prevents your users form requesting payouts more than 40 hours.
We support workflow capabilities for payouts. The employee can see the approval hierarchy at the time of submit and and click on approver icon in the dashboard at any time to view the status of their payout approval.
I hope you enjoyed reading and learning about our new feature.Stay tuned for my new blog on step by step configuration instructions for Payouts !!!
UPDATE: Here is my new blog on how to roll out Payout feature in EC Time for your company.