EXIT POLICY AND FULL & FINAL SETTLEMENT
| Policy Maker | HR Executive | Policy Approved by name |
|---|---|---|
| Last updated date | Approved person sign | |
| Review Frequency | 6 Monthly | HR Manager Sign |
We have exit policy in our organization and employee resigning from their duty has to follow this policy.
Objective of this policy: -
The main objective of this policy is to ensure smooth separation and depart of the employees from the organizational work.
Key Clause:-
To ensure that Exit formalities and Full and Final Settlement of departing employees is performed.
Process:-
Exit Process is divided into three simple steps.
1) Submission of Resignation Letter:
An employee who wishes to resign from the services of the organization will be required to submit the resignation letter or mail. The resignation letter or mail should be addressed to the employee’s Reporting Manager at first.
Notice period* (30 or 60 Days) must be mention in Resignation Letter or Mail. Notice Period may vary from designation.
When the resignation is accepted by the concern reporting Manager, the same resignation letter is submit in HR Division duly signed by reporting Manager or forward the resignation mail to HR keeping the mail id of reporting Manager in ‘CC’.
Once an employee give the resignation and accepted by reporting person, after that employee can withdraw his/her resignation or Extent the leaving date only for two times. More than that no withdrawal or extension will accepted, so after that they need to leave.
2) Exit Interview:-
With a view to pick up feedback from the employee who has submitted resignation, the HR conducts an Exit Interview.
Usually an exit interview is arranged and conduct at convenient time of resigned employee by HR Dept. But if that doesn't happens then Exit Interview shall conduct on the last day before the employee relieve from service under the presence of HR Manager or HR Executive.
Exit interview is conduct according to the position of the employee. *
Exit interview shall be conducted before processing Full and Final Settlement.
In case of Termination due to any disciplinary action, the concerned Employee is relieved on the very same day without conducting Exit Interview.
If the employee is on probation period then there is no need to conduct exit interview. only Full and Final Settlement is followed.
Employee has to fill the exit form comprise of various detailed and multiple choice questions. Exit form also asks the valuable Suggestions and Recommendation for organization from departing employees.
After completing the whole process, Exit form is filed in orderly manner.
3) Full and Final Settlement:-
Employee resigning has to go through the Full & Final Settlement.
For processing Full and Final Settlement, following aspects are thoroughly checked & calculated.
If the employee has been given Bag, Diary or Cell phone, library books by the organization, these will be surrender by the employee on the day of the resignation.
Any advance or loan obtained by the employee shall be recovered from the employee.
Employee Mail id, Spark id and Tech excel account shall be terminated from IT Department.
NO DUE CERTIFICATE is given to resigning employee duly signed by HR Manager.
Experience Letter and Relieving Letter is also handover to the employee duly signed by HR Manager.
HR Executive will go through the entire check list of full and final settlement and make sure that nothing is miss out.
Points to be remembered:-
Organization reserve the right to hold the salary of employee incase of not giving notice period. If in any cases Employee is not giving 60 Days or 30 Days notice period then, they have to surrender 2 months or 1 month salary respectively to the company at the discretion of Management.
If the Manager feels that due to relieving from service of employee, work is not affected or any substitute employee handles the work then employee can be relieve from service early.
During the notice period, employee is not entitle to receive Paid Leave.
If an employee resigning, have risk in their account or accounts of family member or client’s account, then the amount of risk shall be covered from his salary and still the amount is not fully covered, then the amount of risk shall be covered from Incentive.
On the day of resigning, if an employee is entitle to receive incentive, then for releasing the incentive approval from concerned reporting Manager will be needed.
In cases of dismissal on account of non performance of employee, the Organization reserves the right to give appropriate notice period to the employee. The Organization reserves the right to give salary in lieu of notice period.
- note...
Notice Period
| Designation | Notice Days |
|---|---|
| HO Managers (Department Head) and Vice President | 60 Days |
| Branch Manager | 60 Days |
| Asst. Manager | 60 Days |
| Asst. Branch Manager | 60 Days |
| Senior Person who is on Key position. | 60 Days |
| IT Department (All IT staff members) | 60 Days |
| Sr.Executive, Executive, Jr.Executive, BDEs, Branch Back office and Support Staff | 30 Days |
Exit interview taken person
| Position | Interview conduct by |
|---|---|
| Manager / Sr. Manager | HR Manager |
| Branch Manager | HR Manager |
| Asst Manager | HR Manager |
| Sr. Executive | HR Executive |
| Executive | HR Executive |
| RM / Dealer / Back Office | HR Executive |
| Support Staff | HR Executive |