Let Your Staff Enjoy A Smooth Full And Final Process
Automated F&F settlement
Bid goodbye to heated exits with our full and final settlement system.
Track recoverables seamlessly
Enjoy a trouble-free final settlement with Pocket HRMS.
Get a comprehensive view of F&F settlement
Get a broad overview of the entire fnf settlement process.
Asset reclaim made easy
Track and record all the asset information on a centralized hub.
What is Full and Final Settlement?
Full and Final settlement is also called as â€˜FnFâ€™ process, it includes various activities like documentation, deductions, arrears, receivables, pending salary, earnings and exit interviews. The entire process of paying or recovering during the resignation procedure is known as â€˜final settlementâ€™.
It can be done based on the last working payroll month or subsequent months company policy. HR professionals may be very good at managing activities like recruiting best talents, tracking employee attendance, resolving payroll complaints, etc.
Intelligently calculates F&F payables when an employee leaves a company. Check out all the core features of Pocket HRMS.
Automatic F&F Calculations
As HR people initiate the quintessential full & final settlement process for employees, Pocket HRMS would help them with intelligent full & final calculation and paves way for error-free f&f settlement. Important payroll details such as bonus, unpaid salary, non-availed leaves, gratuity, medical, insurance, etc. will be at your disposal in seconds.
Determine Important Recoverables
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.
Error-free Full & Final Settlement
Pocket HRMS gives a broad overview of the entire full and final settlement process. It facilitates the HR with appropriate full & final settlement amount to be disbursed thus, saving time and efforts for both HR as well as employees. It offers information-rich fnf settlement letter summarizing the entire final settlement process.
Exit Interviews and Asset Reclaim
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 donâ€™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, letâ€™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 doesnâ€™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
- 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, itâ€™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 firstname.lastname@example.org or SMS SAGE to 56767. Donâ€™t forget to avail 15-day free trial of Pocket HRMS!