At the moment we don't support a 'Rolling' cycle but there are some steps that can be taken via a workaround. It is high in manual work so may not be of interest to you but I'll detail it below.
Set up a rolling 12-month period for sick leave. I suggest a basic January 1, 2023, the 12-month period will end on December 31, 2023. Allowance 0 days.
Assign the policy to the employee when they take their first sick leave. This will ensure that the employee is aware of the policy and that they can track their usage of sick leave.
When it comes to use: manually grant the employee 5 days and then use their first leaving them with 4. The policy should state the number of sick days that employees are entitled to, the definition of a sick day, and the process for requesting and approving sick leave.
The process of boosting the balance from 4 to 5 days, 12 months after the original request, is to be done by you. If you head to Settings > Task Lists > here you can create a New Task list and use the Time Off policy as the anchor event.
Then you can create one solitary task within the task list. This task is going to go to you and/or your HR team notifying you to boost the balance.
The trigger date will be 364 days from the anchor date. So when the employee requests a sick day, the task list is triggered but it won't send a task/reminder to you until a year later. Then you will manually boost the balance.