The very first when any employee resigns his job, it is not compulsory to serve notice period UNLESS AND UNTIL THE CLAUSE FOR NOTICE PERIOD IS CLEARLY MENTION ON HIS APPOINTMENT LETTER OR CONFIRMATION LETTER.
In some companies there is 15 days notice period clause or in some there is 30 days i.e. a one month notice period clause. It is depends what type of clause is mentioned in the letter of the employee. In most of the cases or you can say in most of the companies there is 30 days i.e. one month notice period clause which means when a employee resigns from his present job and one who is applicable to this clause has to serve his present company for that mentioned period i.e. 30days if he did not wish to do so he has to pay one month salary (gross which is mentioned on his letter) to the company.
Now i will turn to your next question Buying of notice period means -
to buy - to purchase , if a employee has 30 days of leaves balance at the time of resign he can compensate/buy the notice period clause. This is from my point of view.
It was nice to hear that you are really passionate about HR field. Appriciated......
This is the tenure of service after resignation by an employee or termination from management.
This is stated on he Offer and Appointment Letter of the candidate. This is applicable to all employees. This is as per the company's HR policy. Normaly the notice period in MNC's is 3 months. and on other companies it varis from 30 days to 90 days. It is basically required to hire a new person, train new employee and handover the responsibilities.
One can by notice period: either employee who is resinging or organization who is hiring the employee bares the amount of notice period, if the releving date is withing the notice period.
Organizations have differnet notice period for trainees/ employees on probation period. Normally it is of 7 to 15 days only.
Ex: Mr. x is working with ABC Ltd. from last 2 yrs. He had not availed 2 leaves till date. As per the company policy anual paid leave is 24 days. he regined from the job and asked immidiate releving from the current job. the notice period he have to serve is of 30 days as per company policy.
Now in this case following will be done
He had 46 PL in his account (24 PLs pa i.e. 28 - 2 days leave=46).
The notice period he have to serve is of 30 days. (which is less than the PL balance.)
So in this case the organization have to pay him 16 days salary and he dont have to serve the notice period, as the same is compensated by PL balance.
If the balance PL is less than the notice period then he have to serve the balance days or he can pay it. (notice period - PL balance = days salary he have to pay or serve the job.)
Normally the payment base is the basic salary of the employee per day.
Hope this will help you..
BEST OF LUCK FOR FUTURE....