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Details to negotiate into your employment contract

| Feb 26, 2020 | Employment Contracts |

Simply receiving an offer of employment is enough to put a smile on your face, while bringing some relief to your life. However, that doesn’t necessarily mean you should sign the proposed contract and report to work.

Upon review of your employment contract, it’s natural to have questions and maybe even some concerns. Furthermore, there may be some things you want to negotiate into the contract. Here are some examples:

  • Severance pay: You hate to think about the potential termination of your employment, but it could happen at some point. Negotiating a severance package into your contract is the right thing to do from a financial planning perspective.
  • More benefits: If you’re concerned about the benefits package, perhaps because it’s a step down from what you currently have, you can negotiate for more. For example, you may request a more comprehensive life insurance or disability policy.
  • Time off: This is extremely important, as taking time away from work is good for your mental and physical well-being. If you’re not comfortable with what you’re offered, attempt to negotiate additional days off.

Don’t assume that the first employment contract you’re offered is the one that you have to sign. The company probably expects you to negotiate, so you might as well do so. You never know what you can negotiate into your contract until you try.

If you’re concerned about the terms and conditions of your employment contract, take a step back to reassess your situation. You don’t want to sign anything you don’t agree with, as doing so could cause you stress in the future.

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