Manage Time Off With a YMP System

The Employer's Annual Leave Plan (AYP) is not an Employee Time Off Tracker program. An employer's Annual Leave Pay is an amount paid by an employer to their employees under the Employment Rights Act for a specified period of time. The period can vary and may be from one year to twenty-four months or more. The purpose of the YMP is to provide employees with financial protection and employers cannot deduct the YMP from the annual leave pay. The employer may however reimburse employees for any expenses they have incurred during the YMP, up to the agreed amount. In most instances the YMP will not be a taxable deduction but will be tax-free to the employee.

If you have staff that is regularly making requests for additional vacation, sick pay or holiday pay then you should consider introducing an Employee time off tracker to calculate the cost of these requests. Requested amounts could either be paid on a monthly basis or annually. If an employee makes a request for vacation then you would need to add that amount to the employees annual leave management account. When the employees to request for their holiday pay then they would need to subtract this amount from the employees annual leave management account.

There are advantages and disadvantages to both systems. The advantage of the annual leave management system is that it automatically receives deposits into the employee's bank account each time an employee requests for vacation, sick pay or other leave days. The drawback is that you may not receive the entire amount requested in the withdrawal notice. The YMP allows you to make deductions for vacation, sick pay and other requested leave days. This method would generally require documentation of the employee's requested leave days. You would need proof of the employee's Annual Leave Statement.

An alternative to the annual leave management system is the YMP for employees. You would still need to maintain records of all leave requests. When employees request for vacation or sick leave then you would need to add those requests to the employees annual leave management account. The method typically requires less documentation than the yearly leave management system. With this system, the employer would be able to manually check the status of the request for approval within a matter of minutes. However, some employers may choose to go with the more automated system so that the fewer human errors that occur, the sooner the approval of vacation or sick leave requests.

Both systems provide the same basic services. However, with the YMP, the manager can manually approve or deny vacation requests during regular business hours. The automated time tracking system provides managers the ability to perform the same functions but in the comfort of their office or home computer. This makes the decision-making process much easier for managers because they do not have to worry about being in the office to make the decisions.

Time off policies are an important part of an employee's employment. It is vital that these policies are reviewed periodically to ensure that they are still effective to help employees manage time wisely. Using the Employee time to Tracker will allow human resources professionals to determine how effective the policies are and if any changes are needed to the company policy to make it more effective. In addition, a company can determine which parts of the policy need the most review to ensure that the sections do not need to be eliminated.