Written executive (non-award) employment or consultancy contracts are a must to retain key staff and incentivise them to stay in your business.
Carefully entering into or gracefully exiting an employment contract requires business, corporate and employment experience across many industries.
Employing staff or contractors to manage your business or create/deliver goods & services needs to cover wages (of course) but also intellectual property ownership, no compete, and ideally a set of realistic KPI’s (key performance indicators).
Also, you need to ask yourself whether your contractors are actually employees.
What goes into an employment contract?
– job role specifics;
– standard or separate contract;
– how long the contract should last – is it ongoing (with no specified termination date), for a fixed-term, fixed-project or is it casual?
– ending a contract covers notice periods, entitlements and the actual termination procedure;
– changing a contract involves adding enough flexibility to allow small changes (such as wage or salary increases) without needing a new contract; and
– linking the employment contract with confidentiality and no-compete is also worthwhile considering.
What about employment disputes – wrongdoings or termination?
– new executive contracts
– taking or restraining work place information created by employees
– sudden terminations without notice
– employees coming from or moving to competitors
– fraud and white collar crime