Employee’s Exit Process & Settlement

Friends, today our topic is the employee exit process, if you are working in HR then you need to know this process, and also those employees who are serving notice periods or resigning or retiring in the process should know the Exit Process.

Employee resignation means the employee is leaving the company……

Now this resignation can be of two types.

Voluntary, Involuntary

Voluntary means you are leaving the organization of your own will, the reason may be that you have got an offer in the market, it may be a retirement case or there is the death of an employee, and its settlement is all these cases are voluntary.

Involuntary means the company will ask you to leave the organization.. for any reason like the company is not doing well or the employee is not doing well in the organization.

When an employee gives a voluntary resignation respective Department and HR must retain that valuable employee.

If an employee is retained then will continue or if the employee does not want to be retained then in this case we need to process his FNF.

These are the steps of FnF settlement

First of all, we will accept the resignation.

In the next process, we have to take work handover from the resigned employee.

On the last day whatever asset is there like a laptop pan drive etc. has to be handed over.

Taking clearance from an employee from the respective department is like no due from any department.

Then We need to conduct an Exit Interview. After the exit interview, we will make a full and final settlement like whatever is payable to us or any payment due, we will process it and pay it to the employee.

HR must provide an Experience letter and Relief letter along with the full.

Here we have added some employee exit process checklist.

1.Loan Settlement if any

2.PF Transfer

3.Medical Claim settle off

4.Bonus payment or incentive or any payment due

5.Employee farewell

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