Buyout option is what comes into light when a company wants a candidate to join their team immediately for which they will pay the candidates current company. These situations usually arise when the company is looking for a candidate in specific skill set and should join their team immediately instead of joining after serving his/her notice period completely.
What is buyout option? In general, when an employee put down his/her paper to join a new company or to further continue their studies or for any other reason, they are supposed to serve a notice period of certain period before being handed with their documents and relieved from the company. Notice period actually varies from company to company and even in a company from employee to employee as per their joining policy. Those who can’t serve the notice period in full for whatever reason like urgency for the new company to join early or for their academics starting early or any other as such the option of Buyout is available.
Wherein, individual has to pay the company for relieving from the duties without serving the notice period in full. Again the buyout option varies from company to company as per their Buyout policy. Not all companies allow a Buyout of complete notice period as even they need to replace the current employee and need KT done to the new replacement employee from the existing one.
As a Buyout employee, you should make sure to immediately and on priority have all documents like Payslips, certificates, appreciations etc handy as you won’t be having much time and also you no longer will have access to the office portals for all such documents.
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