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This is a working pattern that allows an employee to work their contractual hours (over a set period) as they choose. There can be some limitation placed on the employee such as requiring them to work set core hours.
Time and attendance systems can be used to track and monitor this type of working. This means that an account of working hours can be created over multiple periods; allowing an employee to work over or under in a different period to make up or utilise time worked as time off in lieu.