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 Halborns 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 that it’s been 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, the outplacement and coaching can help to polish off their CV and interview skills. Financially, you’re able to set a capped financial contribution for the support (so it won’t break the bank) which can be offered tax efficiently.
The Empowering People Group are able to provide this support – get in touch to find out more.
References and announcements
Agreeing a factual reference and internal/external announcements means you’re able to work with the exiting employee controlling the messaging around their exit and supporting them with their hunt for the next role.
Get in touch to enquire about settlement support
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.
Get in touch if you’d like to discuss your template settlement agreement or any redundancies or settlement agreements you’re proposing. In our next update within this series we’ll focus on limitations to confidentiality clauses and different types of settlement agreements.
Click here to explore ‘Settlement series #3 – can you really ask exiting employees to keep quiet?’.
