Keith,
Just as a thought if you give each condition a number, i.e.
Sick = 1
Hols = 2
Bhol = 3
Unpaid = 4
You could change the condition to look between 1 to 4 and the format change. To make it easier to read add a column beside it and use the IF function to explain what the number mean like this :
=IF(A1=1,"sick",IF(A1=2,"Hols",IF(A1=3,"Bhol",IF(A1=4,"Unpaid",IF(A1=5,"other","unknow")))))
May help things along.
Colin