There may be a multitude of companies in New York and elsewhere who hire employees to assist with everyday operations and tasks. As it might not always be feasible to assume that employees will remain with the company until retirement, taking steps to prepare for the possibility of termination could prove integral to safeguarding a company’s interests. In some cases, business owners might find it helpful to explore the possible benefits of implementing severance agreements, but they might not know what to cover in such arrangements.
Business owners could benefit from considering a variety of factors when seeking to draft severance packages, some of which could include:
- Vital information: It could be helpful to consider including spots for vital information such as the date an employee was hired and the date of termination.
- Payments: Including terms for severance payments may also be integral and options in this regard could involve agreements for lump sum payments or payments at specific intervals.
- Company protection: Companies could also consider taking steps to protect their interests by including confidentiality clauses within severance agreements.
- Property and insurance: A severance agreement could also include terms that cover insurance benefits and terms concerning the return of any company property an employee might have.
As severance agreements can be somewhat complex in nature, seeking insight on how to properly draft such arrangements could prove integral.
While severance agreements could provide various benefits to employees and business owners alike, knowing how best to implement such arrangements can be a stressful endeavor. Fortunately, there are attorneys who can address all a person’s questions and concerns and provide much needed insight on his or her available options regarding such matters. An attorney can help a client address every vital component of drafting and implementing severance agreements and assist him or her in navigating every stage of the process.