Benefit Accrual Tracking

Description

To compete in today’s business world, access to real time data is more important than ever. TimeTrak offers companies the ability to effectively manage day to day operations, as well as future plans and strategic directions.

Companies no longer have to imagine the benefits they would obtain from real time data; today’s technologies make it readily available. They can rely on access to immediate information and detail on employee activities to accurately assess progress toward goals. TimeTrak provides a broad collection of real time data collection devices, solutions, and software tools. TimeTrak permits companies to quickly analyze staffing levels and activities on the fly, allowing real time analysis to make necessary beneficial changes as the work day proceeds. Overtime and delays can be caught and prevented improving financial performance. Critical real time labor allocation details can be automatically provided to cost accounting, payroll, billing and business planning systems.

More Information

Instant Accrual Checking

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Each Benefit Pay Code can be set up to: (a) check and prevent a supervisor from exceeding available hours, (b) check and allow a supervisor to exceed available hours only after overriding a warning, or (c) not check the available accrual balance at all..

Progressive Accruals

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Configure the Benefit Accruals module to automatically earn time off based on hours worked each pay period. Additionally, you can use the accrual earnings to keep track of Comp Time, and then automatically deduct it as an employee uses it.


Module Features


  • Benefit Accrual Tracking
  • Up-to-the-Minute Accrual Balances
  • Instant access to committed/taken/accrued hours
  • Floating Holiday Tracking
  • Unpaid Time Tracking
  • Sync between 3rd party systems such as payroll

Benefit Accruals

HisTrak® can serve as the master for benefit time, or it can import on a pay period base, updating available hours from the HR system. Using the Accruals Earnings Module, HisTrak® can generate benefit time earned, as well as deduct time taken and maintain accurate editable records of all benefit time. Benefit time can be earned as a percentage of time worked or flat amounts. (Both can vary by years of employment). Many parameterized options exist for each benefit Pay Code (e.g., as to when the earned benefit time becomes available to the employee).

Each benefit Pay Code can be set up to: (a) check and prevent a supervisor from exceeding available hours, (b) check and allow a supervisor to exceed available hours only after overriding a warning, or (c) not check at all.

In assessing available hours, HisTrak® takes the current balance in the Benefit Accrual Table and subtracts hours of that type Pay Code from other areas in TimeTrak not yet reflected in the balance. This yields an accurate gauge of benefit hours available; avoiding, for example, the possibility of a supervisor giving vacation hours this week that are already designated, by employee request, for a week long vacation just two weeks from now.

In addition, HisTrak® offers a Pay-Out option of available benefit hours for companies with such requirements.