Oracle Compensatory Plan in Absence Management
Employees are often required to put in extra hours outside of their regular work schedule, whether during evenings, weekends or holidays. Making excess hours is part of the job, but you can strike a better balance between overtime, time off and pay-out with the new Compensatory Plan in Absence Management and its seamless integration with Time and Labor.
How does Compensatory Time work?
- Compensatory Time is offered as compensation for labor outside of regular work schedules. Employees register their worked hours on their timecard and when relevant, overtime is transferred to Absence Management. The balance in the Compensatory Plan will be updated with the excess hours.
Figure 1: Reporting Time in T&L. The Compensatory Plan separates regular hours from excess hours and transfers the balance to Absence Management
- Employees can check out their real-time overtime balance in the Compensatory Plan and decide to take time off by recording absences or choose for a monetary compensation.
Figure 2: Compensatory Plan in Absence Management. Providing you with a full overview of the Overtime accumulated, absences recorded, monetary compensation and much more
The extended functionality in the NEW Compensatory Plan allows you to implement the organization’s policies regarding overtime. These policies can be quite complex, but the Compensatory Plan setup only requires a few simple steps to contain it all.
How the New Compensatory Plan can affect your organisation
Profource can help your organization provide a well-displayed, real time overview to your employees and enable them to not only register excess hours, but also keeping an eye on the balance by accommodating earned compensations.
That’s a healthy way to do business!
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