Employee exit management or offboarding an employee is a process to be handled with the most care. The process includes the final and complete settlement of employees when they leave the organization. When an employee resigns, retires, or is terminated from work, the required paperwork and formalities have to be performed in a systematic manner. HR will be having a complete scheduled work in hand during the employee offboarding time. Still, the employee exit process is not managed efficiently as employee onboarding in most companies.

Benefits of Offboarding Platform

By using an employee offboarding platform, the organization can provide a good offboarding experience to the employees. A proper exit management system helps to track employee exit reasons and also reduces attrition. A systemized exit interview can be utilized to get productive feedback from the employees leaving the firm.

A proper exit management system should enquire the leaving employee about the analysis and feedback of the work culture, job expectations, recognition policy, and other valuable insights that can be gained by employers on reducing attrition, retention of good employees, and improving work culture and more.

TRST Score platform provides survey forms for exit interviews, where a list of questions regarding the reason for leaving the organization for the departing employees, also if the employee is terminated from the organization, the employer can fill the reason for terminating the employee and rate the employee according to the severity of the misconduct that the employee has done.

Digitalized Exit Management

Forget the headache of paper-based relieving letters when you have digitalized exit management. The employee can send the resignation letter and complete the final payment by HR with the automated exit management process, which makes it more transparent and efficient. The exit process gets over by various approvals from finance, IT, and HR departments. With the digitalized exit management tool, the entire exit workflow can be done in a few simple steps.

It also deals with the department-wise exit checklist in a structured approach and maintains checklist responses before generating the final settlement and relieving letter.

Manage an exit checklist to avoid future risks

• Note down the remaining work and its due date before an employee’s last working day.
• Maintain a standard operating procedure to set up responsibilities for the next person in charge of the role.
• Settle expenses and reimbursements for the exiting employee.
• Make sure to get back company-issued access cards, laptops, mobile phones, etc.

Exit Analytics

Attrition may cost up to double the salary of an employee and which is a significant concern for the organization. When an applicant becomes a part of the organization, the employer has to take up the expenses on training, skill development, insurance, etc. When an employee leaves the organization, there will be an additional cost incurred on advertisement of job requirements, recruitment, training of the new employee, etc. An exit management system provides analytics to understand the reasons and reduces employee turnover. Data from exit analytics helps to increase employee retention and organizational effectiveness.

Exit Analytics helps to identify

• Valid exit reasons and patterns of attrition
• Insights on why employees quit after a few months of joining
• Productivity levels of exiting employees, etc.

Employee offboarding is not a permanent cut-off. Treat the exiting employee with deserved gratitude. Make sure to practice the best exit management and end an employee’s growth with your organization on a pleasant note.

If the employee leaves the organization through termination, the employer has the option to rate the employee on the TRST Score platform depending on the severity of the matter. The platform also provides the option for the employer to mention the reason for termination. All the details can make public if the employer wants to so that other employers on the platform also come to know the professional history of the leaving employee, which will help in background verification purposes.