A global fund administrator, Formidium has implemented a 14-day notice period across all levels in its India Office. The policy is effective from April 2023.
The decision comes when major companies make employees sign contracts with a notice period of up to 90 days and also impose a clause of not joining the competitor companies.
Commenting on the HR Policy, Amit Agarwal, Executive Vice President of Formidium said, “Yet another Global practice initiated in our India Office!”
“Effective April 2023, we have implemented a 14-day notice period across all levels. While we understand the importance of knowledge transfer, we believe actual transfer only takes a week or 10 days at most”, he added.
He further said, “At Formidium, we foster a Culture where an employee has the freedom to choose. We believe in maintaining positive relationships with our employees even after they leave.”
“In most organizations when employees resign, they are required to serve a notice period, ranging from 30 days to 90 days. Some companies, even today, force employees to sign contracts and bind them to stay. Legality aside, this is indeed a huge burden the employee carries”, he said.
He added, “As the world is moving towards more Flexible & Friendly work environments, it’s time for organizations to reassess their notice period policies.”
Formidium is a technology-enabled fund administrator based in Chicago, Illinois. The company was founded in 2016 and is serving over 1000 funds across the globe. The company has established itself as a proven alternative to legacy fund administration solutions.
Formidium’s operations and technology are SOC 1, SOC 2, and SOC 3 audited, and it currently has over 1,000 global professionals across the globe.
The experienced professionals at Formidium tailor comprehensive, effective, and efficient services for their clients through the entity’s entire lifecycle and based on their unique needs, with robust internal controls for accuracy and timely delivery for both US and non-US private funds with fund managers or investors.
