If your employer is looking at releasing you from their employment then they could offer you a settlement agreement, this legal document releases you from their employment offering financial (and other) compensation in doing so.
If you have been approached about a settlement agreement, then there are a couple of key points to keep in mind are:
- It is highly likely that during this process you will have had a meeting (or several meetings) with your employer at which your release from the business will have been discussed and an agreement suggested. It is really important that during these meeting you make detailed notes of what was said and what happened, as any issues with the conduct of your employer during these meetings could give rise to an increase in the financial benefit that they will need to offer you.
- We also recommend that you don’t just think about money you might be offered; as other benefits could mean that you might find new employment quicker. You couple for example agree the wording of any internal announcement of your departure, or agree a reference, both of which could help you to secure your next job quickly. We have also seen cases where employees have been able to keep a laptop or mobile phone to assist them in the search for a new job. So whilst the financial compensation is important, it not necessarily the most important factor.
If you need any help with your settlement agreement and release from your contract then please get in touch with us.