It is common when resigning from a company to hand in your manager or supervisor with a letter of resignation. When you hand over your letter with an appropriate notice period, allowing time for your supervisor to arrange the workflow and tasks before leaving is a sign of respect. In this article, we will discuss what is a notice period and how you can calculate the right duration of notice.
A notice period is the time during which you continue working from the day that you give in your resignation letter until your final day at work. Notice periods can be different by length depending on various factors such as the industry, the role of a worker, employment type and duration in particular organization. Normally, it takes at least two weeks or more to give notices.
Recruitment may take a long time, especially in specialized sectors. For instance, your human resource department will have to handle with your notice of resignation, develop a job specification for filling the position and get authorization for hiring recruitment budget. This application process usually involves several checks along interdepartmental lines before the application can be live. All of this takes time. In addition to being respectful of the company’s time, here are several reasons to provide a notice period:
To foster a professional connection with your employer: Regardless of whether you’re there for just a few months or even years, it’s beneficial to leave on mutually pleasant terms. It is possible that while applying in future jobs, you may need references from the present employer. Giving a thoughtful notification may make your ex-employer more prone to give favorable remarks regarding the time you spent with them.
To ensure a smooth transition and uninterrupted workflow: Giving your employer advance notice will give any team members who worked with you the opportunity to plan for your departure. You will allow them adequate time to arrange for your replacement or cover any vacancies in the workflow.
Employment contract terms and conditions: Perhaps, at the beginning of your position, you signed a contract or agreed to terms of employment. Typically, the terms and conditions of employment specify how long your notice period is going to be. It is often dependent on the number of years you had been working with the organization.
When determining the length of your notice, it’s important to consider various factors that can guide your decision. These factors play a significant role in ensuring the right balance and effectiveness of your notice.
If you have signed a contract, most likely it will contain information on the notice period that is required from you. It would be wise to read your contract of employment before deciding if resigning is a good move. This will allow you to plan your subsequent moves well and to have a smooth transition.
If you’ve been with your company less than a year, it has become standard courtesy to notify the employer at least one week in advance. However, if at all possible, think about giving a two-weeks notice even if you have been just with your company for a few months because this would give more time to your employer to find someone who can fill in that position.
If you’ve been with the company for one to three years, it is simply good manners to offer at least a 1-month notice. Thirdly, Give a 2-month notice if you were at the company for three to five years and 3 months if you were with the company for more than five years.
However, if you are aware that your company’s hiring process takes along time or the position you hold is difficult to fill then it naturally becomes ok to give a 2 to 3 months notice even though you have been at the company less than five years.
Depending on your employment, you may not be required to give a notice period at all. For example, unless specified in your contract, casual employees can end their employment without notice. Full-time and part-time employees should on the other hand provide a notice period either based on their tenure at their organisation or what is stated in their contract.
However, even as a casual employee, it’s always a good idea to give some kind of notice to your employer, otherwise you risk the chance of burning any bridges between you and your manager, colleagues and the company.
Alternatively, the length of your notice period can vary according to the tasks pending completion. Consider the time it takes to train a new member or hand unfinished work over to another colleague. If you have a large project underway or some sort of rare expertise, include this when deciding how long a notice period you should provide.
Many companies structure their marketing and operations plan by the financial year end to complete ongoing projects and set new goals at the beginning of that year. It is a good idea to consider the dynamics of the financial year calendar when announcing your decision to leave before you tender your resignation.
Determine whether you are resigning because of another job that has already been secured, to start as a freelancer or because you want to take some time off work. The notice period is determined by your career goals. For example, if you are already assured of another job then it is very unlikely to give extra notice period to your employer. On the other hand, in case you are resigning to take some time off, the position you may be at would allow for a greater notice period.
In order to resign from a company in a professional setting, schedule an appointment with the purpose of submitting your formal resignation letter to your manager. It is good idea to hand in both your letter and copies of it digitally as the HR department would want to store your resignation notice.
One of them is a Tax File Number (TFN) which is your personal reference number that was assigned to you for tax and superannuation. It is a unique number. You can also need your TFN when getting government benefits, filing an online tax return and applying for an Australian Business Number (ABN). For instance, you will need it while filling tax return. If you have a tax file number, you retain it throughout your life, even if something changes in your life. So how do you retrieve it and when your forget and lost the number?
If you are at home, or in your office, or any other place of work the first document to look for your Tax File Number (TFN) is the income tax assessment notice that would have been issued by the Australian Tax Office ATO . Your TFN can be found in the top right hand corner of this assessment. It may be possible that payslips and superannuation statements display your tax file number. In case you do not have TFN, you must fill out a tax file number application.
Employer of Record Hong KongYou can also link your ABN to your MyGov account if you run a business, so you can access online government services for business. Importantly, you can check your TFN on the myGov account so as soon as you are signed up then you will have this information accessible no matter where you are.
If you just can’t recall your TFN, then follow the tips on this page to urge you to find it again so that you don’t have to stop using it. To accomplish this, you can search in hard copies of documents, look for it on myGov or simply ring the ATO or go to their site.
However, if you suspect that your TFN is lost, stolen or accessed by an unauthorised third party, contact ATO client identity support centre for help. You can get advice, more information and implementation of security measures by calling 1800467-033.
TFN is essential for you and will be required in the process of submitting a tax return. It can be used by other individuals for identity fraud if it falls into the wrong hands. This is why you should never keep it on a piece of paper in your wallet or save it on mobile phone. Sending it through a text message or even filling out an online form is not 100% safe. The safest way to pass your TFN on to an employer is when you fill out a TFN declaration form.
You may have noticed that most of the company names end with the abbreviation Pty Ltd, which is short for ‘proprietary limited.’ This word relates to the business form of a firm as it means that shareholders are responsible for debts of a firm only up to their defined limit. Owning and running private companies with the ‘proprietary limited’ label is a fairly simple procedure. Furthermore, these companies are the most common type in Australia. The purpose of this article is to shed further light on the commonly used term ‘Pty Ltd’ and describe how proprietary limited companies are required to be set up.
The ‘Pty’ or ‘proprietary’ in the term ‘proprietary limited’ denotes that as a business formation, a limited amount of shareholders own the shares in the company. Furthermore, the company cannot issue shares to the general public. This is different from public companies that have the abbreviation ‘Ltd’ at the end. The number of shareholders in a public company is not limited and the company’s shares can be offered to anyone. If it is a company listed on the Australian Stock Exchange (ASX), you can purchase and trade in its shares.
Private companies have limited ability to raise capital since they cannot sell an infinite number of shares to make money. In contrast, public companies have higher regulatory requirements with major accounting and reporting requirements in place to protect the masses.
Private companies have limited ability to raise capital since they cannot sell an infinite number of shares to make money. In contrast, public companies have higher regulatory requirements with major accounting and reporting requirements in place to protect the masses.
The word ‘Ltd’ or the term limited imply that a shareholder is only legally bound to each and every debt or liability of a company up to the value of his shares in it. That is, if a company goes bankrupt its shareholders lose the money they invested into purchasing their shares. If a shareholder has been issued shares at less than the full price, they will need to pay for them.
