Need for Exit Policy.
Exit Policy.
Figure 1Exit Policy
A business will always have on and off boarding during the entire cycle. Each entity will have their unique recruitment policy, and thus is the importance of an exit policy where HR should focus to retain the best talents.
Employees leaving the organization can be both voluntary (from
the employee’s side) and involuntary (By the employer). The idea behind an
employee exit policy is to set up a process when an employee leaves. It is the
formality of the employee to submit a written resignation letter to their head,
the resignation letter should be inclusive of the notice period.
The employee should be obliged to carry business as usual, support
the team and the replacements if any with the utmost corporation during the
tenure of the notice period. Furthermore the employee should also train the new
recruits if and when required within the notice period.
Failure to implement a good exit policy is failure to shield the organization and its assets in many forms. And the other hand the pros of having a good exit policy also can help the entity bid a dignified fare to the employee whilst enabling to collect feedback during the tenure.
Why an Exit policy?
Figure 2Exit process
It is justified to think of why hassle and waste resources
on someone who has opted to leave the organisation, but indeed it is crucial to
evaluate such employees. Many a times the organization is focused on
On-boarding and off boarding usually forsaken. But in reality an exit policy
has a lot more than thought of, it helps the organization to slim the employee
turnover in parallel has a huge impact on the growth and the performance.
In addition, it is an instructive and informative indicator
on what changes and enhancements required within the organizations.
What should
be included in an Exit policy?
An exit policy should be consistent of below and they are
Purposeful professionalism- Given the fact that employees are leaving, the company
should accept the notice period of the employee, be tranquil and handle with
utmost professionalism and ensure a smooth transition of the employee. The
entity requires to identify whether the employee will be productive to the
organization during the notice period, if no then the resignation must be
accepted and compensated for the notice period asked by the employee.
Knowledge transfer - A
proper and well planned hand over mechanism should be placed by the HR with
ample time frame to fulfil the transfer of knowledge document. The Knowledge
document should be inclusive of the job roles, current projects, its status and
deadline etc... In addition to the above
the document must have the details of where the information are secured.
Accordingly the systems they use should be revoked and passwords also must be
changed if required.
Analysis - It is
very apt to analyse the situation causing for exiting the entity parallel with
the JD and reforms to be done if required, workloads must be reviewed to ensure
tasks are disseminated equally. Priority must be given to enhance the business
functions by adapting to new changes if required. A strategical enhancement to
the business should be kept in mind during the analysis.
Feedback - Finally
feedback on an employee must be obtained on their experiences with the company
during the tenure, and the reason for them to exit the company. The feedback
should be able to help the organization with improving the organizational
structure, reduce the turnover and rise in employee satisfaction. Finally it
should be understood that an exit interview with a terminated employee will not
provide any expected outcome.
Exit Checklist
To wrap HR should have a checklist, and make sure all the
boxes are ticked when an employee is to leave the organisation. Having a
checklist will slim the chances of missing anything at the time of leaving. The
most suitable person to do this is the person to whom the employee reports.
Conclusion
As a conclusion, it is a best practice for all entities to
have an exit policy is place and to be followed by the employees. An exit
policy can help to make enhancement on both employees and employers side.
The exit interview should be conducted in a way where it
have provided details of why an employee opted to leave the organization. A
right exit policy has the ability to bring favourable outcomes at present and
the future as well.
References
Bamboo HR, 2022. Bamboo
HR. [Online]
Available at: https://www.bamboohr.com/blog/exit-formalities-for-offboarding/
[Accessed 06 Apr 2022].
empxtrack, 2019. empxtrack. [Online]
Available at: https://empxtrack.com/blog/employee-exit-management/
[Accessed 08 Apr 2022].
Feelium, 2020. Feelium. [Online]
Available at: https://www.feeliumecontract.com/knowledgecenter/why-do-businesses-need-employee-exit-policy%3F/5e257aacfe9ba0260766b4d2
[Accessed 06 Apr 2022].
HR knowldege corner, 2021. HR knowldege corner. [Online]
Available at: http://www.hrknowledgecorner.com/hr-processes/exit-process/
[Accessed 06 Apr 2022].
HRMP, 2022. HRMP. [Online]
Available at: http://hrmpractice.com/processes-for-employee-exit/
[Accessed 06 Apr 2022].
H3W Channel, 2019. How
To Conduct An Exit Interview. [Online]
Available at: https://youtu.be/M2w1FwWedUE
[Accessed 20 April 2022].
As discussed in the article, a proper exit policy is essential to an organization and its management in carrying out its organizational tasks without any disruptions. HRM conducting exit interviews will aid the organization in reducing its employee turnover and find solutions to increase employee satisfaction level of an organization. Great article.
ReplyDeleteHR should have proper exit policy. Also same has should communicate with staff with very first day of work while providing the offer letter.
ReplyDeleteGood job
Exit policy or interview will conduct to cover-up the short comings or to have a better environment inside the company. Some times one employee can leave the company because of some bad management decisions .If they have an exit interview they can correct their bad decisions of the betterment of the other employees. This exercise must done by the HR personnel. good topic. nicely explained.
ReplyDeleteEach company has an exit policy similar to the recruitment policy. If an employee wants to leave the company, the employee must follow a leave policy. This will vary from company to company. Proper exit policy makes it easier for both parties. Good article
ReplyDeleteExit policies are important since they assist the company in managing talent turnover and have a significant impact on the organization's growth and success. Good luck!
ReplyDeleteA ready made exit policy will help the organisation in emergency or sudden decisions. Thus it would give a clear direction to the company to move the next step.
ReplyDeleteExit policy is important to understand about employer’s thinking patron which will help to attract and retain top talent. Good article. Well done.
ReplyDelete