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.
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.
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.
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.
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
IT Employment News
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Hack Forces OPM to Shut Down System for Background ChecksJune 29th, 2015
According to an "alert" posted on OPM's website Monday, the Electronic Questionnaires for Investigations Processing system - or "e-QIP" - "will be down for an extended period of time for security enhancements." "e-QIP allows the user to electronically enter, update and transmit their personal investigative data over a secure internet connection," OPM's website said.- more info
Federal background check system shut down because of a vulnerabilityaJune 29th, 2015
FILE: U.S. Office of Personnel Management Director Katherine Archuleta rubs her eyes, as she testifies before a House Committee on Oversight and Government Reform hearing on a data breach of OPM computers. REUTERS/Jonathan Ernst The web-based system used for federal background investigations for employees and contractors has been suspended after "a vulnerability" was detected, the Office of Personnel Management announced Monday.- more info