Formidium enforces a 14-days notice period across all levels
The decision is made when significant corporations require employees to sign contracts with notice periods of up to 90 days and a clause prohibiting them from joining competitors.
Formidium enforces a 14-days notice period across all levels
Grofers founder Ashneer Grover recently stated that the organization’s notice time must be 90 days, but Formidium applied a 14-day notice period.
Formidium, a worldwide fund administrator, has instituted a 14-day notice period at all levels at its India Office. The policy will go into force in April 2023.
The decision is made when significant corporations require employees to sign contracts with notice periods of up to 90 days and a clause prohibiting them from joining competitors.
Amit Agarwal, Formidium’s Executive Vice President, commented on the HR Policy, saying, “Yet another Global practise initiated in our India Office!”
“As of April 20, 2023, we have implemented a 14-day notice period at all levels.” While we recognise the importance of knowledge transfer, we believe actual transfer takes no more than a week or ten days,” he added.
“At Formidium, we foster a Culture where an employee has the freedom to choose,” he added. We believe in keeping in touch with our staff even after they leave.”
“When employees resign in most organisations, they are required to serve a notice period ranging from 30 to 90 days.” Even today, some corporations force employees to sign contracts that commit them to stay. Legalities apart, there is a significant duty that the employee bears,” he stated.
“As the world moves towards more Flexible & Friendly work environments,” he continues, “it’s time for organisations to reassess their notice period policies.”
Formidium is a Chicago-based technology-enabled fund administrator. The company was formed in 2016 and currently serves over 1000 funds worldwide. The company has proven to be a viable alternative to classic fund administration solutions.
Formidium’s operations and technology are SOC 1, SOC 2, and SOC 3 audited, and the company currently employs over 1,000 global specialists worldwide.
For both US and non-US private funds with fund managers or investors, Formidium’s experienced professionals tailor comprehensive, effective, and efficient services for their clients throughout the entity’s entire lifecycle and based on their unique needs, with robust internal controls for accuracy and timely delivery.
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