Executive level employees must often sign employment contracts upon hiring. While employment contracts are valuable tools in establishing the rights and responsibilities of all parties, it is vital to ensure the contract will benefit your needs as an employee. Contract negotiations can provide Detroit executives with the means to control some of the risky aspects of a written contract such as the compensation package.
As employment law attorneys serving residents of Detroit, Michigan, we like to advise executives to consider working with a lawyer during these important negotiations. This ensures that your employee rights remain protected and that your contract contains a compensation package that meets your needs.
Executive employment contracts are usually highly negotiable. Some of the factors affecting compensation include stock options, bonuses, yearly salary, benefits, incentives and many others. We like to tell our clients to look at it in terms of an exchange. The employer who hires you is likely to enjoy many benefits from your employment. In return, you have the right to expect ample compensation for your contributions to the company.
It is easy to make mistakes or overlook crucial details when negotiating a compensation package. For example, if you enter into negotiations without a complete understanding of the industry or the position you seek, you may unintentionally lowball yourself. As you might imagine, the compensation package of an employment contract is not an area in which you want to make a mistake.
We urge you to learn more about employment contracts, especially if this is your first foray into the executive field. You will find comprehensive details about executive level employment on our firm’s website.