20 May Say Goodbye to PTO Tracker Spreadsheets
How do you currently track and manage paid time off? If the answer is “PTO tracker spreadsheets” or anything similar, how is that working out? Although PTO spreadsheets are certainly preferable to hand calculations or paper documents, they are no longer the ideal solution in today’s tech-driven world. Using PTO tracker spreadsheets can increase your risk of challenges and errors.
Find out how you can say goodbye to tracking spreadsheets for good!
Paid Time Off: A Vital Benefit
Paid time off, or PTO, is a benefit many employers provide to employees who qualify. According to data from the Bureau of Labor Statistics, paid vacation time is the second-most valued benefit after health insurance. Access to paid time off helps employees feel more satisfied in their roles.
Beyond the offering of paid vacation time, many states have enacted legislation requiring paid sick leave. Compliance with these laws is vital, but manual tracking methods won’t cut it. Without a tool in place for managing paid time off, including any required sick leave, a business can lose an average of $775 per employee every year. The penalties for non-compliance will only increase that number, cutting into your bottom line.
Paid Time Tracking Options
You may be using any of the following methods for tracking paid time off.
PTO tracker spreadsheet
A PTO tracking spreadsheet may seem like the best option based on business size or budgetary constraints. But the reality is that spreadsheets weren’t designed to handle the complexities of PTO management. Even basic accrual policies require highly complex formulas, and the risk of errors is high.
Manual tracking
Using some type of paper for tracking paid time off is even more error-prone than a spreadsheet. A minor miscalculation could result in your failure to comply with legal requirements around providing paid sick leave. The penalties associated with non-compliance are stiff. Even if your state doesn’t have a law in place, the risk of miscalculating an employee’s available PTO balance is high, which impacts morale and could lead to higher turnover rates.
The better option: PTO tracking software. Move into the future with PTO tracking software, the best solution for managing paid time off. Requests and balances should be accessible in the same system, preventing requests from slipping through the cracks or falling victim to errors in calculation. This type of setup also ensures the fair application of employee absence policies, preventing bias or other issues.
Manage PTO Efficiently
Using manual processes simply doesn’t work anymore, particularly in states where paid sick leave is a required benefit. You need to be able to provide documentation of what was provided and used for compliance purposes. If you would like to learn more about Payroll Partners‘ paid time tracking options, give us a call at (817) 226-8111.
This information is provided with the understanding that Payroll Partners is not rendering legal, human resources, or other professional advice or service. Professional advice on specific issues should be sought from a lawyer, HR consultant or other professional.