Start a conversation

Time Off Trades

Setting up Time off trade

This allows employees to buy and sell time off/leave entitlement. To enable, go to:

Administration > Company > Settings > Timeoff settings (global)

In the Self Service section, choose an option from the Allow employees to trade timeoff dropdown:

mceclip0.png

  • No means it is TOTALLY disabled.
  • Yes - open means employees can both request to make a new trade and book already traded time off.
  • Yes - closed means employees can only book already traded time off but cannot request to make a new trade - e.g. many companies only allow the actual process of buying/selling to happen within a certain window. An Admin access level user would typically select Yes - open for a period of time e.g. three months and then change the option to Yes - closed to prevent any further trades for the rest of the year.

Setting up Time off trade, Time off type

Once set to either Yes -open or Yes - closed, you will now see get additional options in the Deduction Settings section when adding or editing time off types:

Administration > HR > Time off management > Time off types

Create a new Time off type by clicking on the Add button. Give the Time off type a name e.g. Time off trade.

Deduct from employee allowance - set to Nothe type does not need to have a setting such as individual, limited, accrued, etc.

mceclip0.png

Timeoff trades type - Select Yes

If set to Yes, then three options appear which together control the maximum an employee can buy and sell in a period:

  • Max sell value
  • Max buy value

* If the value is set to 0 then employees cannot use so you could use this to allow employees to buy but not sell, or sell but not buy for example

** If there is no limit (which is unlikely) then set the max values to 999, for example

  •  Trades period
    • Holiday year
    • Calendar year
    • Financial year

mceclip0.png

You can use all other options such as does not accrue, cannot be carried over and so on against the time off type.

Display in summary - set to Yes. This is ideally suited to be included within a Summary type as most companies will simply want the employee to see their overall total rather than a type called Bought and sold leave:

mceclip2.png

A company should only have one “time off trades” type. If you have more than one you will get a warning on the Time off types index page.

You can also, optionally, setup a time off trade approval workflow – this is not required though as will use in built employee-manager default process if no custom workflow is in place.

Requesting a Time off trade

To request a trade, the employee goes to:

Self-service > My requests > Time off

and, at the bottom of the screen, click on the Timeoff trades button.

mceclip1.png

Then click on the Add button:

mceclip2.png

The employee can add then request to buy or sell time off:

mceclip4.png

The employee can add a value to buy 3, sell 2 etc. with optional comments.

mceclip6.png

And then clicks on the Submit button. If the request is successful, the employee will see this information banner:

mceclip7.png

If the employee has exceeded the Max buy or Max sell value, they will see this warning banner:

mceclip9.png

The employee cannot edit an existing request – they will need to delete and resubmit the time off trade request. 

Please note - The employee cannot delete a trade once approved.

mceclip10.png

The employee's manager (also Admin/HR access level users) can see the time off trades for their team etc under:

Time and attendance > Time off

and, at the bottom of the screen, click on the Timeoff trades button.

Listed here will be all the Time off trade requests that have been approved or are pending approval. The manager can add Time off trades manually, as well as edit, delete and approve.

mceclip11.png

Once approved by their manager, this request gets added to the time off type.

mceclip14.png

Booking Time off

The employee now books as normal against the relevant type, in this case Time off.  

mceclip3.png

In this example, the Time off trade and Annual Holiday time off types are included in the Time off summary time off type.

mceclip4.png

Click here for more information about setting up a Summary time off type.

Choose files or drag and drop files
Was this article helpful?
Yes
No
  1. HRWize

  2. Posted

Comments