In the wake of the Larry Nassar sexual abuse scandal, the president of Michigan State University resigned from her position of presidency after facing angry and vicious criticism. Lou Ann Simons, claimed it is "only natural that I am the focus of this anger," and therefore she is limiting any personal statements, but was resigning "according to the terms of her employment agreement."
What happens when you don't have an employee contract and you mix work and pleasure? Apparently, nothing good. The founder of Menards building supply stores, John Menard, and his ex-fiancée would probably both attest to this. Unfortunately, when in a relationship, people often overlook the tedious little things like a business contract when they begin working together.
Are you a C-level employee? If you are, you know that your legal needs can be as complex as your job. Your responsibilities are probably much greater than a lower-level employee. Depending on your position, chief executive officer (CEO), chief operating officer (COO) or chief financial officer (CFO), you may be hiring and firing, making stock decisions, doing salary negotiations and overseeing multiple departments or employees.
In Norton Shores, the Mona Shores Public School Board has agreed to pay Greg Helmer, the former superintendent, $82,975.40 in severance pay through June 30, 2018. The agreement was made after Helmer turned in his resignation effective as of Nov. 14. He will also retain his health insurance coverage until June 30, 2018.
Executive employment contracts can provide you with a great deal of protection in Detroit's corporate arena. After all, the contract's provisions bind both you and your employer legally. This can make it challenging for "big bosses" to force executive employees out of their positions, but it can still happen.
When you started your job, you may have signed a special employment contract that dictates the circumstances under which your employment may be terminated. Some of these contracts could leave the issue of "employment termination" open-ended. Others might be general and say that you must be terminated "for cause." Others might reiterate the current Michigan laws related to firings.
There is no denying that women and employment legislation have come a very long way in the executive realm. Despite these ongoing improvements to the nation's employment laws, gender inequality in the executive workplace remains both controversial and concerning.
Losing a job is a disagreeable experience for anyone, to put it mildly. Even executive level employees find the experience unsettling and even painful. Many emotions rise to the surface during this time, and these feelings can have a harmful effect on your final severance package.
As you may already surmise, employment contracts can vary widely. Often, it depends upon the industry, the company and the type of executive position that is on the table. If this is your first executive contract, you are wise to seek more information about what is common and uncommon in an executive employment contract. Doing so can help you avoid being taken advantage of either willfully or unknowingly.
Scenario: You are a star on the rise in the world of business and have just been offered your first executive-level position. While you are excited about this new chapter in your career, it means that you will have different considerations as you move up in the company.