Exit Formalities Process
The process to off-board the employees from the organizations. The exit management system is as important as the recruitment process is. Because the process reflects the real status of the organizational behavior. Therefore the organization must keep extensive recruitment systems. If the organizations are not keeping an updated and comprehensive system. It is quite possible that the organization may lose potential employees. However, it is quite important to handle the recruitment process properly. The process starts whenever someone retires, resigns, or gets termination from the organization.
Applications
The collection of the applications is the first step in the process of an exit management system. The employees place an application to inform the organization that his/her services are no more available. These applications are presented to HR, final acceptance or rejection remains in HR’s hands. The section application requires proper handling otherwise the organization may lose the important data. These applications are screened to schedule the exit interviews.
Exit Interviews
The interviews are always critical either recruitment interviews or exit interviews. The exit interviews will project the real feedback of the employee regarding the organization. These interviews should be conducted properly because the organization needs to know the exact reason for employee departure. If multiple employees are leaving for the same reason then the organization needs to revise Exit Management. The management can attract the employees by listening to their problems. However, assigning them required promotions or allowances will project a positive image of the organization.
Information Transfer
The information transfer becomes more vital with some technical job positions. If an employee works for some specific project needs to transfer the information to the organization. This information can be very useful for organizations and other replacing employees. But if the employees fail to supply the required information it may bring implications. Therefore the successful implementation of the exit program requires information transfer.
Assets Recovery
The assets are the facilities allocated to the employees during the job tenure. These assets can be categorized as transport allowance, home allowance, laptop or cellphone, etc. Therefore the employee exit management process involves assets recovery. The employees are bound to return the assets to the organization. Because the allotment of the assets is only viable during the job period.
Departmental Release
The departmental release is the checkpoint that the employee has transferred the required information. Including the return of the company assets. If the concerned department clears the employee then the data is forward to the next stage. In case of failure in the return of assets, the organization may deduct the amount from the remaining salaries. Therefore the departmental release is also a crucial element in the exit management program.
Final Settlement
The final settlement is the settlement between the employee and the organization. Therefore it includes the remaining salaries, leaves salaries, and the gratuity availed by the employee. Final settlement is the important factor in the Employee Exit Process in HRM. These settlements are executed when the employee returns the assets to the organization. If the employee fails to transfer the information and assets, the process gets delay. However, the final settlement is made when the employee clears all the credentials.
