For Bring Your Own Device (BYOD) scenarios, Intune is the recommended vehicle for management. The suite will utilize integrated MDM policies to manage what happens to the corporate data on a device when you determine the employee is no longer an employee, or if the device was stolen/missing and you needed to wipe it. Microsoft Intune is worth a book unto itself and is beyond the scope of this. Just be aware that if BYOD is part of your endpoint strategy, you should be looking at Intune or a competing offering to manage this properly.
If you are put into a situation where you must implement BYOD without an MDM solution, be sure to consider the software licensing aspects of your implementation. Are you legally allowed to install the software on a machine that isn't actually yours? Do you really want to do that? It's interesting licensing and support boundary talk that needs to be ironed out, even with MDM. Not having a proper solution to manage it makes it very muddy indeed.