Flexitime financial definition of flexitime
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flexitime a method of organizing hours of work which permits some flexibility in the times of starting and finishing each working day. Usually the employee will be required to commence work within certain times (for example between 7.00 and 9.30 a.m.) and to remain at work until a specified time (for example 3.30 p.m.). Within these limits employees can choose day by day their hours of work. However, they will usually be required to work a specified total number of hours over a period of, say, one month. Any shortfalls at the end of the period may be carried forward or result in pay deductions whilst excess hours could be dealt with by additional pay or time off in lieu. Flexitime enables employees to adapt their working day to other commitments. However, it also confers advantages to employers: in so far as it requires precise timings to be kept it can tighten control of hours of work; and because potential absences from work (for example, visit to a doctor) can be pushed outside the flexi-day it can improve utilization of staff and productivity. See ANNUAL HOURS.