Employment Contract Considerations

Going to work for a competitor or troubled company

When going to work for a competitor or a troubled 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 an employment contract is a must.

Employment contract

The employment contract has everything spelled out including grounds for termination, payments, insurance coverage, re-location (if you move), out placement services, and what can be disclosed.  Attorney’s fees should be covered, in additionyou should retain 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.

Termination & Compensation

The contract should cover what will be paid by whom and when. For example if you were moved will they move you back, will they pay for outplacement, status of your bonus, recommendations, and insurance coverage after termination.

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 foriegn assginments there are special considerations, click here

 For more information see http://www.e-janco.comhttp://www-ejobdescription.com, or http://www.itproductivity.org.  +1 435 940-9300.

IT Job Descriptions  IT Hiring Kit Interview Hiring Guide IT Salary Survey
Download Salary Survey

 


 

 

IT Employment News


Zacks Downgrades Concur Technologies to Neutral

April 18th, 2014

They currently have a $95.00 target price on the stock. Zacks 's target price indicates a potential upside of 2.32% from the company's current price.

- more info

Texas jobless rate falls to 5.5 percent in March

April 18th, 2014

The strength of the Texas economy combined with a growing labor force contributed to a 5.5 percent March unemployment rate, the Texas Workforce Commission reported Friday.

- more info

OPM rolls out new tuition discount program at UMUC for feds

April 18th, 2014

Federal employees and their families will soon be getting a discount on tuition at the University of Maryland University College.

- more info

Houston unemployment rate dips to 5.2 percent

April 18th, 2014

The Houston-area unemployment rate dropped to 5.2 percent in March, the Texas Workforce Commission reported Friday.

- more info

Sirtex Medical Limited Given Hold Rating at Morningstar

April 18th, 2014

's stock had its "hold" rating reaffirmed by stock analysts at Morningstar in a report issued on Friday, AnalystRatings.Net reports.

- more info