Full and Final settlement (F&F)

Our cloud-based HR solution not only help companies with employee performance appraisal but it also supports the fnf settlement process when an employee leaves the organisation. When an employee leaves a company, he/she claims important recoveries at the time of exit. F&F settlement is a hectic process. Pocket HRMS brings in a sigh of relief among HR people, as it helps execute the final settlement process including all the recoverables in no time. This helps them to carry out a smooth fnf settlement of employee paving way for a smooth exit process.

Another critical aspect of the full & final settlement part is asset reclaim and exit interview. When an employee joins a company, he/she is provided with certain assets namely phone, laptop, etc. Having a good HRMS software for executing the fnf settlement calculation would provide your HR with the much-needed advantage to record and track all the asset information over the years mapping each employee that it has been assigned to. This helps get rid of additional paperwork and makes it faster for the IT and the Admin teams to sign off. Check out our HR MIS Reports module to generate reports within few clicks.

Full & final settlement Guide

When it comes to handling exit formalities, HR people take extra effort to keep everything professional and right. This time consuming activity always has a room for delays and errors if HR people don’t plan it well in advance.

Whenever any employee leaves an organization, it is sure to bring a lot of work for the human resource team of that organization. HR people ought to handle activities like managing all the apt records, reverting to queries for details related to the resignation clause, etc. Now, before moving to fnf management system, let’s first understand the reasons why companies give exit formalities so much importance;

• Leaving employees tend to say the truth
• To enhance work culture
• To identify loopholes at the workplace
• To create a better workplace
• To find better management solutions

Even if the HR department has its own checklist to conduct the f&f settlement activities at the workplace, here are the top 5 tips to conduct an exit interview in a best possible way; take a look-

• Planning exit formalities well in advance help the human resource team to avoid any type of error.
• Prefer to have face to face conversation as it creates a good impact on leaving employees.
• Prepare a questionnaire because you can win the objective of this interview.
• Keep the process simple and avoid controversial questions on their last working day.
• Act correct to cover up emotional talks or bad moments. Share good points or their contribution they made as a team member.

A good way to process exit formalities is by implementing a cloud-based fnf settlement management system as the software automates the entire procedure. The system conducts the whole process in a fair and smooth manner for leaving employees. It computes all the dues as well as recoverables for a smooth exit process. This module of HR software is of great use.

If your organization doesn’t have the right cloud-based HR solution in place, then the process will take time to complete. So, it is better to invest in FnF management software and process the formalities on time. Based on the company policy, below mentioned are the important elements of FnF that the human resource team needs to calculate;

• Unpaid salary
• Gratuity
• Deductions
• Leave encashment

The cloud-based full & final settlement software can ease the immense burden of employee separation of HR folks. This built-in module of HRMS software helps the human resource department to respond quickly to all the queries pertaining to the employee separation whilst tracking the procedure from the beginning to end. The tool meticulously works on resolving the hurdles on behalf of HR people in the most efficient manner. This system remains robust throughout the management of the final settlement and performs all the necessary duties when an employee resigns from his or her service. As an HR, it’s your duty to handle the whole process as per the company rules mentioned in the appointment letter.

Top 6 features of full and final management system of Pocket HRMS:

Implementing a cloud-based FnF system is a smart move thing for HR professionals as they are the ones, who conduct the whole process of full and final settlement.

• Automatically calculates accurate fnf payables for the employee as well as receivables in an intelligent manner.
• Calculates each critical payroll element, such as medical, unpaid salary, balance leaves, LTA, medical, gratuity, bonus, etc with just few clicks.
• Deduct the amount of tax the employee is liable for from his or her fnf settlement payment and accordingly update the worksheet and Form 16 automatically.
• Instant access to the proper records like a formal copy of the resignation, other essential documents is possible with this module.
• The HR department also has the option of adding up relevant comments to these documents.
• Calculates all the recoverable in no time!

F&F settlement is a hectic duty and hence, having a reliable cloud-based HR solution in place is like a blessing in disguise for the human resource team. They can easily track all the necessary forms as well as documents pertaining to the layoff of a particular employee using the fnf settlement system. Pave the way for smoother and quicker exit process for both the employer and the employee!

Our cloud based HR software for fnf settlement offers your HR people the feasibility to track the entire asset details over the years mapping each employee that it has been assigned to. This helps human resource professionals to avoid additional paper-based work and make the process faster for the admin and IT departments to sign off.

With the use of correct cloud -based HR management system, the organization can smoothly resolve the obstacles that come in the way of human resource management. It ensures there are no complications or delay in the procedure. Also, the system makes sure to settle any advances taken or get it adjusted in the final payment.

To get more information about our cloud-based fnf settlement software, contact us here! To read our informative HR management blogs, click here! You can also download HR templates here for free! You can also give us a shout-out on our Twitter, Facebook or LinkedIn or send us a mail at sales@sagesoftware.co.in or SMS SAGE to 56767. Don’t forget to avail 15-day free trial of Pocket HRMS!