Accrual management is such an important aspect of human resources operations, it guarantees that employees receive the appropriate amount of paid time off (PTO) based on company policies. During the Tips, Tricks, and Techniques for UKG Ready Accruals 2.0 webinar, Product Manager, Mike Palmeri, provided updates on accrual rules and reporting, discussed common scenarios and their solutions, and offered insight into upcoming exclusive features. To learn more, watch the on-demand replay. Join us, as we dive into some key takeaways:
Key Features of Accruals 2.0:
Rules-Based Engine
Accruals 2.0 provides the ability to create customizable rules to meet organizational needs. Whether it’s different accrual rates for various employee groups or specific policies for tenure-based accruals, the rules engine confirms accurate results. The advanced calculation engine also handles complex scenarios, such as prorated accruals for part-time employees or adjustments due to compliance factors.
Effective Dating
Automating updates systemwide is crucial for maintaining accuracy. Accruals 2.0 automatically adjusts accrual balances when there are policy changes or employee updates (e.g., promotions, transfers). Additionally, effective dating confirms that the right accrual rules apply to the correct time periods.
Simplified Editing
HR administrators can easily recalculate accrual balances or make specific balance edits. This flexibility impacts relevant accrual periods, reducing administrative overhead. For example, adjusting balances due to retroactive policy changes.
Accrual Donations
Accruals 2.0 allows peer-to-peer time off donations or contributions to a common Accrual Bank. Employees can donate their excess PTO to colleagues facing personal emergencies. This feature fosters a supportive work environment and encourages teamwork.
Benefits:
Enhanced Reporting
Guided Analysis reporting, available through People Insights, provides deep insights into accrual balances. HR professionals can track trends, identify anomalies, and make informed decisions.
Recent Updates
- Accrual Donation Limits: Set donation frequency, maximum amounts, and minimum balances to ensure fairness.
- Notifications Enhancements: Alerts notify employees and managers about approaching accrual events or balance limits.
- Hours Worked Eligibility: Define grant eligibility based on hours worked, in accordance with company policy.
Upcoming Exclusive Features:
- Currency-Based Accruals: Allow accruals in dollars, which employees can use for time off or receive as a payout.
- Balance Transfers: Support various transfer request types (e.g., between accrual categories) and event-based transfers (e.g., between EIN accounts).
- Unlimited PTO: Configure and report on unlimited time off policies, promoting work-life balance.
As we conclude this journey through the dynamic world of UKG Ready Accruals 2.0, remember that effective accrual management isn’t just about numbers—it’s about empowering your workforce. Whether you’re a small business or a large enterprise, harness the power of data-driven insights, foster a supportive environment, and promote work-life balance.
Don't forget to explore the Knowledge Articles in the UKG Community and be sure to watch the on-demand replay of Tips, Tricks, and Techniques for UKG Ready Accruals 2.0 to learn how to make the most of these features.