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
Class a CDL Drivers 50 CPMOctober 24th, 2014
Thank you for your interest in the Class A CDL Drivers 50 CPM. To begin the application process, please enter your information below.- more info
Too good a mood to work and other strangest sick day excusesOctober 23rd, 2014
The oddest excuses U.S. workers have given for missing work include getting stuck in a blood pressure machine and accidentally boarding a plane, a survey found. CareerBuilder, a Chicago-based jobs website, said its annual survey of workers and hiring managers found the strangest excuses given to bosses for missing work include having just put a casserole in the oven, plastic surgery requiring extra "tweaking," a broken ankle resulting from a woman's legs falling asleep while she was sitting on the toilet and still having money left over to gamble on the Monday following a weekend at the casino.- more info
The 10 most unbelievable excuses for calling in sick to workOctober 23rd, 2014
"Sorry, boss, I can't come in because, well, you see, I wound up at the airport and somehow boarded a plane." Apparently, this excuse for calling off from work is more common than you might think.- more info
Workers Give Strange Excuses For Calling I...October 23rd, 2014
A new CareerBuilder survey shows one of the more outrageous sick day excuses given in the past year was a worker who said he got on a plane accidentally. Close to 30 percent of employees calling in say they just didn't feel like working, needed the day to relax or wanted to catch up on their sleep.- more info
Survey: 10 worst excuses for playing hookyOctober 23rd, 2014
According to a survey from CareerBuilder , about 28 percent of workers took a sick day even though they felt fine. But be careful when you make up excuses so you can play hooky.- more info