A balanced and happier workforce
It's well-known that work-life balance is important. Employees who are able to enjoy a balanced lifestyle create an engaged, happy and positive workforce.
Holiday, or annual leave, plays a huge part in providing employees with the ability to enjoy quality time doing what they enjoy the most. Holiday Trading gives employees more control of their annual leave and the opportunity to create a work-life balance that suits them and their personal circumstances.
A break from work can be just the boost an employee needs to come back re-energised and refocused. Conversely, selling a few days of annual leave might be just what another employee needs if they're trying to save money, for example, to buy a new car.
As a result of providing employees with increased control over their work-life balance, the employer benefits from a less stressed workforce and improved productivity.
Flexible structure
The number of days that an employee can buy or sell (typically between 5 and 10), along with the cost of 1 day's holiday, is determined by the employer and can be defined individually for each employee or for all employees, if employer prefers them all to have the same allowance (e.g. 10 days to buy). In the UK, for example, holiday days are normally valued at 1/260th of gross basic salary, so if their base salary is £15k, then a holiday day would be valued at roughly £60. Some company policies differ, and our system is designed to allow for this.
Additionally, some companies pay their employees by the hour and others by the day. Some have a mixture of hourly and daily paid staff. Our Holiday Trading product can support both options within the same program.
Set limits to suit business needs
By setting limits for the number of holiday days an employee can buy and/or sell, the client can ensure the needs of the business are not compromised. What's more, the Holiday Trading program allows the client to set different limits for employees on an individual, group or departmental basis.
Clients can also choose to allow employees to buy more annual leave than they sell, i.e. by restricting the number of days employees can sell back to the company. This can be beneficial for financial budgets.
Minimal admin
Holiday Trading is part of the SmartPay family, which means easy-to-use product administration and if a client has more than one salary sacrifice product (e.g. SmartTech, Cycle to Work, Childcare Vouchers) with Reward Gateway, they will be able to manage them all easily from one place.
Seamless integration with engagement platforms
As Reward Gateway's Holiday Trading module is seamlessly integrated with the client's employee engagement platform, employees will be able to access their Holiday Trading options easily and without the hassle of additional website addresses or login information to remember.