Human resource management should set a resignation policy should specify the process in clear terms without any ambiguity and should contain such provisions that will help the organization to know it early to make a suitable replacement on time. The policy should have the following provisions:
i) The minimum period of service required for the execution of the resignation.
ii) In case an employee does not serve the minimum service period, the amount of compensation to be given to the company by the jobholder for the resignation.
iii) The period of notice. A period is mentioned in the policy such as 1/2/3 months before which the incumbent must inform the company about his/her intention to resign.
iv) The financial compensation/burden that must be paid or surrendered by the incumbent if he/she fails to give notice on time.
v) Any other financial compensation to be paid by the resigning employee
vi) The exit interview. It is taken to identify the mistakes, faults or any shortcomings in any policy or physical environment of the organization that must be improved to prevent unwanted resignation.
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