Key Terms for Time Off Tracking

A glossary of key terms related to Time Off Tracking.

Time Off Tracking Terminology

• Accrual Rate: The number of 8-hour time off days that workers earn annually.
• Balance Cap: The maximum number of hours someone can accumulate before he or she stops accruing.
  • Once he or she dips below this amount he or she will accrue again.
• Carryover Cap: The maximum amount of hours that someone can rollover from year to year.
  • The date on which the time off calendar year begins is determined by the administrator and does not necessarily run from January 1 to December 31.
• Floating Holidays: A type of paid leave that workers can request in place of time off for another public holiday.
• Liability: The value of time off accrual that may need to be paid out to someone on their termination date.
  • This amount is based on current balance and the worker's hourly rate.
• Minimum Increment: The minimum amount of time (e.g., 3 hours) that someone can request in a single time off request. Requests for less than this amount cannot be submitted.
• Tenure Milestones: Events that increase a worker's accrual rates and award additional days per year based on length of employment.
• Waiting Period: A period of time after a worker's hire date where he or she cannot use or request time off. This may also affect their time off accrual.