Hello,
Our company are looking into offering our employees the option to buy and sell holidays and were thinking of how we are going to manage this.
We use IFS for HR and Payroll, however we are new to the system and unsure if this is something it can manage.
Any advise/feedback would be appreciated.
Hi Kay,
A very simple way of handling this could be to create two new wage codes of type “information” called: “Buy Holidays” and “Sell Holidays”, where the wage code values should indicate either days or hours, depending on your regulations. Then employees can easily “order” such a request via time reporting and Managers will be able to see it as they approve it via Time Authorization (this requires that Managers actually review the employee’s time reporting, and not only “authorize whatever is there”.
(To have a dedicated request and approval process, would require a config or modification. Using wage codes has the benefit that is makes it easy to send the info to the payroll system using standard functionality.)
After reporting on the info wage codes, they can be transferred to your Payroll System, and depending on what functionality your Payroll Solution has, this could either be handled automatically, or as a manual task; which results in a salary deduction or payout. The payroll system would also need to perform an accrual or withdrawal for the existing holiday days/hours.
The last part requires to update the holiday in IFS. If you have your holidays set up as a Time Balance you can have the information wage codes reduce or increase the balance by just adding it to the balance. If you are using Absence Limits it is not as straight forward to update the limit. In the latter scenario I would advise to request the support from an HCM consultant who can investigate your solution/setup.
Regards;
Magnus
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