When an employee makes the decision to quit the job or end the contract early then it is regarded as voluntary termination or VT, many situations are confused with voluntary termination but it is different from firing or a layoff, the rules applicable that are different and the benefits that an employee is entitled are different. The key deciding factor which clears up what they of termination or layoff it is the one making the decision, with voluntary termination, the decision is made by the employee.
Loss of benefits is a huge disadvantage attached with voluntary termination and there are times when companies might ask an employee for voluntary termination in return for a better exit package, this could be done because of a number of reasons, and this happens when the company wants all the involved parties to be content with the deal that is on offer.
There are two very different ways through which voluntary termination usually takes place, if an employee consecutively fails to show up for a particular number of days then it is considered as voluntary termination, the number of days could differ according to different laws and employment policies of the organization, but this is usually not a regular occurrence, what mostly happens is that the employee starts with a verbal or written notification and then gets the approval, there is a notice period to serve and that is usually between two weeks to a month. Job abandonment and termination can also be classified as two very different things by an organization and it could have an impact on the final settlement as well.
Human resource matters have to be sorted out before one leaves the office and that is something that an employee should always be mindful of and not get into any trouble with them at the time of exit.