Whilst the termination payment is usually the main focus, there are lots of ways to make a settlement offer more attractive without incurring much, if any, additional cost. Below is some food for thought:
Continue employee benefits – if you’ve already paid the annual premium for benefits (such as private medical or life assurance), allow access to those benefits for an agreed period after the employee has left (subject to insurer approval).
Outplacement and coaching support – a positive step to support employees in securing a new and exciting challenge. You can set a capped contribution (so it won’t break the bank) which can be offered tax efficiently. As members of the The AdviserPlus Group we’re able to provide this support – click here to find out more.
References and announcements – agreeing a factual reference and internal/external announcements means you’re able to work together with the employee controlling the messaging around their exit and supporting them with their hunt for the next role.
Fast payment – promising speedy settlement payments means the employee feels they’re in touching distance of the financial support – costing you nothing and often enough to secure the deal.
Get in touch if you’d like to discuss a tricky exit or your template settlement agreement. In our next update we’ll focus on limitations to confidentiality clauses and your options to capture the agreement terms.