Going to work for a competitor or troubled company

When going to work for a competitor or a trouble company then there are some financial considerations that have to be taken into account.  First and foremost assume the job will only last a year and that you will need to look for another position while you are out of work.  Given that assumption the things need to be considered are:

Employment contract

Contract has everything spelled out including grounds for termination, payments, insurance coverage, re-location (if you moved), out placement services, and what can be disclosed.  Attorney’s fees should be covered as well with you retaining the right to select the attorney to be used.

Signing bonus

Bonus should cover lost benefits at current place of employment such as vesting and unpaid bonuses.  In addition there should be some amount for the “risk” taken for leaving a “sure thing” and going to a competitor or a troubled company.

Relocation Expenses

Expense should include cost differential if you are moving from a low cost housing market to a high cost market.  Moving travel expenses, broker commissions, pre-payment penalties, interest rate differentials and moving expenses for all items such as extra cars, boats, RVs etc.

Performance Bonus

Bonus should have two components short term 12 to 18 months and long term 3 to 5 years.

Changing jobs is risky business.  Janco Associates, Inc. can help you in the process.  We can act as your agents to help you negotiate your contract or advise you on what you have been offered. 

 For more information see http://www.e-janco.com,  http://www-ejobdescription.com, or http://www.itproductivity.org.  435 940-9300 x 101

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Hiring the right people is a key to any business's success - in fact, I truly believe that if one had to choose only a single thing to focus on, it would be hiring these people. With that said, I find it quite disturbing that most companies I come across skip the most vital part of the hiring process- enticing employed people to apply for their positions. As a result, such companies ultimately attract and are limited to the talents of the most active job seekers.