The notice period is the most crucial for the current organization of the employee, the organization 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 by the other company to stick to his decision to join their company.
But, certain things are concealed or just not told to you about them. If you are not curious enough to dig out the factsheet for it, you will stay in the dark about many facts. For those of you who don’t know, The notice period is the time that an employee must serve at the organization after resigning from his position to allow another candidate to be found in the meantime. Notice periods are there for a reason. They are there to make sure all the responsibilities are handed over to the new joiner and the transition is made 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 for permanent ones. The IT and banking sectors can have a notice period of up to 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 want to buy out if you want to take a break from work before joining the new organization. So, yes, you can buy out the notice period. You can also read the policy in the HR and payroll management software.
How can you buy out your notice period?
A buyout can also be understood as giving your salary to the employer instead 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 organization for the 30 days of the loss. Using payroll and attendance management software, you can check the number of days you have served in a notice period and the number of days you need to buy out.
In F & F, this is known as the “Recovery Amount,” and it is the amount that the employee receives on his last day of work. If the organization asked you to buy out the period, they may reimburse you for this amount.
Can I take leave while my notice period is going on?
It is not appreciated when an employee takes leave amidst his notice period. Privileged leaves are encashed at the time of full and final settlement.