Talexio allows you the option of banking your overtime hours instead of being paid for them. These entitlements can then be requested in place of other leave types.
To enable this setting, you will need the Manage Leave Types permission (and this must be set on global).
Setup of Banking Hours
To set up a leave type for banking hours you need to:
- Click on More and Manage Banking Hours and switch on the Allow Banking switch for an existing Leave Type.
- Switch on the Allow Banking switch for an new Leave Type in the Leave Type creation dialog.
Banking Hours Entitlements
A banking hours leave type keeps track of entitlement differently. From the Banking Leave Type Manage Banking Hours option, minimum and maximum entitlements can be set.
- Upon set-up, you will be able to select the minimum and maximum banked hours. If the minimum hours is left empty, then the minimum hours is uncapped and can go into a negative balance.
If the employees cannot go below a 0 balance, then the minimum must be set as 0.
If you add a negative figure (for example -50), then employees will be able to book 50 hours of banked hours even when they 0 balance left. A person can book more than available so long as they do not reach the negative limit.
- A person cannot have more than the maximum amount allowed banked. For the maximum, if this is set to 100, then employees cannot avail of more than 100 hours of banked hours.
If the maximum is left empty, then there is no maximum and the hours are uncapped.
Using the leave type subtracts from the balance. Normal entitlements can also apply on banked hours. Employees can have a base entitlement and you can have entitlement modifications at individual level. In the employee entitlements section, you can see the breakdown of how the entitlement was made up (including instances of banking).
Banked hours can be carried forward like other leave types. Banked hours can be paid off like any other leave types.
Banked hours can also be transferred from one banking leave type to another from the employee balance pod.
How are hours banked?
The banking occurs during T&A approval. Upon approval, any overtime hours can be banked (and are calculated at the rate of that particular overtime).
If you have a default banked hours account, get in touch with us, and we will set it up for you. Then, you will not need to manually copy and paste the hours from overtime to banking.