A formal agreement that specifies the conditions of the relationship between an employee and an employer including compensation and expectations. Also referred to as employment contracts, they are often executed for a specified period of time, such as one year.
It’s well-known that contract workers don’t share the same corporate benefits as their employee counterparts. Some who work through employment agencies earn a handful of paid days off a year or have the option to buy into a group health insurance plan… Most, however, get zip in the benefits department.
While company appointing a senior level executive, an agreement between the executive and the company is very much important. In this agreement, the employment terms, roles, responsibilities etc. are described.
10 things to consider before you prepare an Employment Agreement:
1) Jobs description and Role
2) Period of appointment
4) Hours of Employment
5) Relocation Clause
6) Salary, Medical and other Compensation
7) Notice Period
8) Non-Compete clause
9) Non-disclosure Agreement
10) Publishing/Patenting conflicting research