The notice period is the most crucial for the current organisation of the employee, the organisation he plans to join and him as well. During this period he goes through a series of instances where he is persuaded by the current company to stay or the other company to stick to his decision to join their company.
But, there are certain things that are concealed or just not told to you about it. If you are not curious enough to dig out the factsheet for it, you will end up staying in the dark about a lot of facts. For those of you who don’t know, Notice periods is the period or tenure which an employee has to serve at the organisation after he resigns from the position so that in the meanwhile another candidate for the position can be found. Notice periods are there for a reason, they are there to make sure all the responsibilities are handed over to the joiner and the transition is done seamlessly.
How can you understand the length of your notice period?
There is no rule made around the notice period limit. So, to check the notice period, you can check the employment contract that was given to you at the time of joining. We ask you to do so because the length of notice periods is different for permanent employees and those who are still on probation. You can check if you are permanent or not yet by going to the HR and payroll management software. The notice period is relatively shorter for employees on probation than the permanent ones. IT and Banking sector can have a notice period of upto 90 days (3 months).
Can you buy out your notice period?
You may want to buy out the notice period if the other company wants you to join before your notice period. You may also desire to buy out if you want to take a break from work before joining the new organisation. So, yes you can buyout the notice period. You can also read the policy in the HR and payroll management software.
How can you buy out your notice period?
Buy out can also be understood as giving your salary to the employer in lieu of not completing the notice period. For instance, if an employee has finished half of his 2 month notice period but he cannot finish the rest of it, he pays the organisation for the 30 days for the loss. You can check the number of days you have served in a notice period and the number of days you need to buy out using payroll and attendance management software.
Also known as “Recovery Amount”, in F&F that the employee receives on his last workday. This amount can be reimbursed by the organisation if they asked you to buy out the period.
Can I take leaves while my notice period is going on?
It is not appreciated when an employee takes leaves amidst his notice period. Privileged leaves are anyway encashed at the time of full and final settlement.
