Keeping up to date
We take seriously our responsibility to keep you up to date so that you can use changes in employment law to commercial advantage. By understanding and interpreting the latest case law and legislation we can deliver updates to you that are concise and usable. With imagination, we are able to ensure that developing law can be used to allow you to achieve commercial solutions, cost effectively and expediently.
A series on settlement – creating an interesting offer
When considering settlement agreements the starting point is almost always thinking through how to structure the financial elements.
But supporting exiting employees and ensuring settlement agreements encourage individuals to have the confidence to flourish (and even return one day) once they’ve left your employment doesn’t stop there. Here are our thoughts on settlement terms that often cost little but can achieve a lot.
Continuing employee benefits
If you’ve already paid the annual premium for benefits (such as private medical or life assurance), allowing access to those benefits for an agreed period after the employee has left (subject to insurer approval) allows the employee to feel protected until they secure their next role (possibly with similar benefits).
Outplacement and coaching support
It may be years since the exiting employee dusted off their CV or attended an interview. This support gives confidence to those concerned about putting themselves ‘out there’ and searching for a new job. Even for those happy to start the search, outplacement and coaching can help to polish off their CV and interview skills.
Financially, you can set a capped contribution for the support (so it won’t break the bank) which can be offered tax efficiently. Our Empowering People Group can provide this support – click here to learn more.
References and announcements
Agreeing on a factual reference and internal/external announcements means you can work with the exiting employee controlling the messaging around their exit and supporting them with their hunt for their next role.
Fast payment
Promising speedy financial settlement payments means the exiting employee feels they’re in touching distance of the financial support, costing you nothing but helping the employee to manage outgoings.