As much as everyone would love the idea of consistency, ultimately, change happens, and one of those is when a person loses a job. Employment separation occurs when an employment contract or some other agreement comes to an end. In the U.S. alone, there’s around 3.6 rate-of-separation in May of 2019 according to the U.S. Bureau of Labor Statistics. That’s about 5 million people who were just laid-off or fired. These situations are just inevitable, and writing an employee separation agreement could be draining, especially if the person leaving is someone you and the organization values. So, for those who want to make one, we have steps listed below that will surely help.
The crafting of the introduction should come first. The opening is quite crucial as included within are the identification of both parties, the background information, and the defined reason for separation. Be thorough in writing the introduction.
Identifying the parties involved in the agreement is vital. You may want to title both respectively as the “Company” and the “Employee.” An example of this is “This agreement is between Company Name Corporation and John Smith.” If the employee had a specific job title or role, it might be necessary to include it also. After this, be sure to include the additional background and the reason for the separation. Be careful with the language as a large part of this is more on clearing claims and cutting ties.
The next part of writing the agreement is to establish the terms. This includes the monetary compensation, healthcare, and the incentives that the employee is entitled to, and do check the state laws if some specifics might be different from other states. You need to use the law that governs the region where the business operates. Accurately detailing the terms of the agreement is essential. Spend time in polishing this area.
Apart from the compensation, the employee is also entitled to do some obligations before leaving the company. The employee needs to return company properties, address the confidentiality of information, and sign the non-solicitation clause. Make this part of the agreement as detailed as possible, never leave a single vague sentence undefined.
The document needs signatures to be considered valid. If possible, have each copy signed by both parties. Each state may have different qualifications to make a document legal. Get informed with the needed requirements. Also included within the step is that the employee should also read the text thoroughly and sign the contract in good terms.
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