Here are 20+ Free Employment Agreement Templates to help you prepare your own Employment Agreement. You can also explore our posts on Employee Non-compete Agreement Templates.
When companies hire employees, they sign legal contracts and agreements with the employees for certain reasons. These agreements not only benefit the company but also secure the job opportunities. Moreover it helps in future promotion possibilities of the employee too. The employment agreement especially for the executive staff members is known as the executive employment agreement.
Brief Description of Executive Employment Agreement:
It is mandatory for so many reason that when a company or employer hires new employees. They sign a legal contract with them either for short term or long term employment duration. This agreement saves a lot of trouble on both ends. On one hand, the employer benefits from the agreement as with this agreement, the employee can’t leave the company before the agreement expires. In certain situations, he also can’t ask to raise the salary before it’s time as specified in the agreement.
On the other hand, this agreement also benefits the employees as they have job security with the contract. Most employee hire employees for 5 years and if after that, employees and employer agrees, they renew the agreement or the employee joins another company.
Before the agreement expires, the employer can’t fire or terminate the employment of the employee without any valid reason. So most of the time, employees prefer to work with agreement so they don’t need to worry about the corporate lay downs or downsizing in the company.
Uses of Employment Agreement Templates:
There are two types of employees in a company; replaceable and irreplaceable. We also know the irreplaceable employees as the executive staff members that are very important for the company and the employer doesn’t want or afford to lose them. When these executive members are hired in the company as top level executives, a special and different kind of employment agreement is created to cope with their demands and requirements.
Usually in this executive employment agreement, most important thing is the job responsibilities that the employee will handle and the paying scale that he will get in return. These agreements also include the additional benefits for the executive members along with their career path that includes the periodic promotions and increase in the salary. When these things are predefined in the agreement, there are fewer chances of having any dispute from employer or employee as they already know what they are supposed to do and what the others expect from them.
Key Elements to add in the Executive Employment Agreement:
- Name of the employer/company
- Name of the employee who is joining the company
- Position on which the employee is appointed
- Terms and conditions of the agreement
- Mutually agreed clauses of the agreement
- Pay scale of the employee
- Percentage increase in the salary per annum
- Additional benefits i.e. insurance, medical, dental, travelling
- Promotion process for the employee
- Validation of the employment (if applicable)
- Termination of the agreement
- Results of violation of the agreement
- Additional details (if any)
- Signature of employer and employee
Free Employment Agreement Templates (for an Executive Position)
Download all these Free Employment Agreement Templates (for an Executive Position) that can easily help you to prepare your own Employment Agreement effectively.