Having a clear, concise and generous time off policy in place will allow your business to better budget for employees’ planned absences as well as cut costs associated with unplanned absences. Additionally, you will have a more loyal, engaged and productive workforce. These conclusions drawn from the recent study released by SHRM, Total Financial impact of Employee Absences.
You can't manage what you can't measure, so having a time-off tracking and approval system is of the utmost importance. Read this 2015 CIO article to learn more.