Employee exit is a sensitive part of HR function and needs to be carefully and accurately executed.
Employees are the real asset of any business. While they are on duty, it is the core function of an HR manager to ensure employee satisfaction at workplace. However, when employees leave the company, it becomes even more important to ensure their exit is smooth, error free and a pleasant experience for both the leaving employee and the HR manager.
Runtime Payroll helps you execute employee exits easily and ensures there are no errors in calculating full and final settlement.
To process an employee exit, go to Menu > Employees > Employee Exit
In the Initiate Exit dialog, select the employee for which you wish to execute the exit. To select an employee, click on ‘Select’ button at top and select from the list of currently active employees.
Upon selecting an employee, the window will show you selected employee’s details like date of joining, current designation, current location etc.
On right hand side of the window, select the date of exit. This is the last working day of the employee in your organisation. At month end, when you process the salary, this is the date till which the current month’s salary will be calculated for this employee. For e.g. if the exit day is 15th June, the salary for June will be calculated from 1st June to 15th June only.
Once you have verified the employee details and entered the exit date, select the reason of exit. Assigning an exit reason is useful for analysis at a later stage and helps you identify reasons if there is a high employee turnover in your business.
Lastly, click on ‘Initiate Exit’ button at bottom to complete the exit process.