Day.io has the best Hours Bank system on the market! This is because it offers the most tools and is the only system with infinite customization possibilities. We'll talk a bit about each function and learn how to configure each of them step by step.
Activating the Hours Bank
Let’s start by activating Hours Bank in your Business Rules Groups.
First, access the menu by going to Settings > Business Rules Groups.
Open the required group, in the "Paid Overtime" tab, activate the “Hours Bank” by tapping the switch.
If you don't want to activate the Hours Bank and you're only setting up the Overtime, just leave this switch off.
Basic Timescale and Duration Settings
The first step to activate the Hours Bank is to set:
'Start date': This is when the Hours Bank starts and begins to count the group employees’ positive and negative hours;
'First due date': Use this option if your company has started to use Day.io now, but there’s already a recurring Hours Bank for your employees. Choose the first closing date, and on that date, the Hours Bank will close out the current period and the Bank will set to zero and begin a new period.
'Duration': In this field, you'll set how long the Hours Bank will last for in months, for example: 2 months. This means that the employees will accumulate bank during two months, and when this period is over, the bank will close and start a new time period.
Finally, choose if you'd like to show the Hours Bank balance on employee apps and whether or not you’d like to deduct absences from the bank.
Compensation Tiers & Limits
Our tier customization is unbeatable! You can create four tiers of compensation and choose how to distribute hours in each tier.
Set the Phase Period
Choose which days you'd like to apply the compensation period to. For example, let’s say you're setting up a Monday to Saturday period and another period for Holidays and Weekends. You can create different periods, but the days can't repeat.
Set the Phase Compensation Percentage
The phase compensation percentage that employees will receive for positive bank hours must be chosen for each period.
Set the Hour Distribution
Finally, set the parameters for distributing the hours. Slide the bar to indicate whether you want the Hours to be considered 100% of the Hours Bank or if you'd like to allot a certain number of hours for Extra Hours.
Period 1: Monday to Saturday, with 50% compensation, allotting 100% of the hours to the Hours Bank;
Period 2: Holidays and Weekends, with 100% compensation allotting 50% of hours for Hours Bank and 50% for Extra Hours;
In addition to configuring the phases by days of the week, you can also set the phases according to planned and unplanned working days, based on your Schedules. Just select the option 'Consider planned and unplanned days':
Then, when it's time to generate reports, they're already customized according to your predetermined settings!
Sending alerts when a limit has been reached is one of Day.io's features that helps companies save money by sending limits notifications when a limit has been reached.
For example, let’s say you just set up the rules for the Hours Bank. Now you can choose for managers to receive an alert when the employee reaches a defined number of bank hours.
This limit can be Weekly, Daily, or Monthly. When the employee reaches this limit, the manager will receive a notification on the app.
Keep in mind that this configuration does not create a limit, and it doesn't prevent the employee from exceeding the total number of hours. It just sends an alert so the manager can identify overages in real time and prevent losses.
You're all set! Your Hours Bank has been successfully configured! If you need help, you can chat with one of our Customer Service team members in the Admin Panel.