A guide to help executives with negotiating an executive employment contract, managing workplace changes, understanding restrictive covenants and responding to complaints.
Negotiating an executive employment contract
Many employment contracts are standard-form contracts which fail to take into account your specific circumstances.
Given that executive-level employment contracts often contain complex remuneration packages and post-employment restraints that can have long lasting implications for your career, it is particularly important for executive employees to make sure their contract of employment is suitable for them. In addition, those in executive positions are unlikely to benefit from a collective agreement or award, so it will be important to ensure that rights are adequately protected in the contract.
call JFMLAW for further advice.
Subject to a workplace complaint?
How a complaint and subsequent investigation are handled will vary depending on your workplace. You should familiarise yourself with the relevant workplace policies and procedures that your organisation has in place. In addition, executive employees should know they have certain rights when subject to a complaint.
Understanding your restraint
Executive employment contracts generally contain ‘restraint of trade’ clauses, which employers use to protect their business interests. Such clauses may operate during employment, to prevent an executive from working with a competitor or misusing confidential information, or following termination, to prevent an ex-employee from soliciting former clients or working for a competitor.
There may be issues regarding the validity of a restraint of trade clause, including whether it protects a legitimate interest and what information will be considered confidential.
Read more: Why Does My Contract Have A Restraint Of Trade Clause? or call JFMLAW for further advice.
Negotiating a new role within your workplace
There are a number of scenarios in which you may need to consider negotiating a new role within your current workplace. For example, you may have been offered a new role, your employer may be seeking to change your role, or you may simply think you deserve a promotion or a raise.
Comparing executive salaries shows that the more experience workers hold, the greater the divergence in their salaries. This suggests there is more room for negotiation when it comes to more senior roles. For this reason, it is particularly important for executive employees to consider carefully what their options are when negotiating a new role.
Leaving your employment
If you have decided to resign, there are a number of considerations to take into account before making any hasty decisions. You should make sure to review your employment contract in order to make sure you understand your obligations because even after an employment relationship ends, you may still be bound by the contract.
Need help with your executive employment contract? Call us today on 02 9331 0266 for a no-obligation and confidential chat.