PTO (Paid Time Off) is an important part of most employee's benefits. Rules vary from company to company, and as such Griot provides a lot of flexibility in how PTO can be captured.
Griot provides support for two types of compensated time off:
Paid Time Off
This is the traditional compensated time off (i.e vacation days). Each employee is allocated a number of hours of PTO per year. 1099 employees and subcontractors are not granted PTO. PTO accrues at a fixed rate every timecard period.
Comp Time is used to provide a bank of compensated time that can accrued by employees who work more than their contracted hours in a given pay period. Comp Time can be accrued up to a maximum number of hours per employee, and can then be used instead of PTO. This style of Comp Time bank, it is only available to your W2 employees who are exempt from Department of Labor overtime rules (non-exempt employees must be paid overtime rather than being granted Comp Time).