Receiving an offer of employment from a company is a very exciting and significant moment for you. It’s important to negotiate an agreement that is fair and equitable for both you and your business. Many times a company will not want to do this in writing, but it’s best to you as a new employee to have the expectations and compensations in writing to protect you in the future.
What Can I Negotiate?
- Compensation – while it seems pretty obvious that you would want to know exactly what you’re being paid, you’ll want to hash out all the compensation benefits available to you. Questions may include: whether your base salary increase yearly, is there a sign on bonus, are their quarterly bonuses and what are the stipulations, and under what circumstances can your salary be reduced? Make sure the terms are clear, and you understand and clarify all points of your compensation package.
- Equity Grants – explain what stock options potential employees are offering to you. The terms and agreements of these options may include: what percentage is being provided, what is the vesting period, what are the stock options, how long do you have to use your options after termination, what are the tax incentives of the options.
- Details of Employment – this is where you clarify the expectations of your job duties. Duties may include: what is your title, specific responsibilities, can you be demoted or your job duties be increased or decreased, are you guaranteed a seat on the board of directors, where is the location of your job, or can you be relocated? It’s important to make sure you’re very clear on the specifics of your job duties before you agree to any offer.
- Benefits – benefits can be as important as the pay offered, make sure you clarify what the company offers to you such as medical including spouse and children, disability, life insurance, pension, stock options, vision, dental, counseling, and vacation time.
- Term and Termination – be sure to clarify the following: how long is the employment agreement, what constitutes a reason for dismissal, and is there compensation if there is early termination?
Call Tulsa’s Most Trusted Employment Attorneys
It’s always a good idea to have your employment agreement reviewed by a Tulsa employment attorney. Making sure you are protected in the contract is in your best interest. Frasier, Frasier & Hickman regularly negotiates executive compensation packages from both sides, employee, and employer, so we have up-to-date experience. If you are an employee who needs sound advice and representation for an employment opportunity, call our offices at 918-779-3658 today or contact our office online.