As economic uncertainty continues to cause rising interest rates, layoffs in key industries, and inflation pressures, Massachusetts employees and company officers, especially in sectors like biotech, healthcare, tech, may be looking for a way to secure employment prospects in an existing or new role.
Whether you’re starting a new job or renegotiating terms, a thoughtfully structured employment agreement drafted by an Employment Lawyer can provide protection if the economy hits a downturn.
The Benefits of a Strong Employment Contract During Unstable Times
- Clear Severance Terms
If layoffs become necessary, a strong agreement can help you ensure you receive severance pay and benefits, your bonus, commissions, or other compensation, to help ease the transition. - Defined Job Duties and Protections
Clear definitions of your role can prevent sudden changes to your responsibilities or unfair performance reviews. - Bonuses, Benefits, and Compensation Clarity
In uncertain times, employers may try to revise bonus structures or reduce pay and benefits. A well-defined agreement holds employers accountable for any changes they may make in compensation and benefit structures. - Non-Compete and Restrictive Covenants
These clauses affect your next steps if you are let go from your job. Negotiating fair limitations now protects your ability to find new work later. - Notice Requirements
Requiring a specific notice period before termination can give you time to prepare for a transition if your role is threatened. - “Good Reason” Clauses
These clauses define when you may leave your role and still collect severance and other compensation. Common triggers include:- Demotion or reduced pay
- A new reporting structure
- Relocation requirements
- Career and Reputation Safeguards
With the right language, your contract can also help protect your professional reputation in the event of a transition.
Contact the Employment Lawyers at the Maura Greene Law Group for a Consultation
At the Maura Greene Law Group, we work with C-suite executives and employees to help secure agreements that withstand pressure, including economic uncertainty:
- We review and negotiate employment offers and contracts.
- We represent executives facing demotion, pay cuts, or relocation.
- We help officers protect their reputations and get the compensation they deserve.
If you’re in a leadership position and concerned about how economic uncertainty may impact your role, it’s important to act sooner rather than later. Contact our Employment Lawyers at 617-936-1580 or via email at [email protected].
The Not So Fine Print:
Every case has unique facts. Before you take any action, you should contact an employment lawyer and get advice on your own situation. We can’t provide legal advice here, and this isn’t intended as legal advice. Keep in mind that it is best, if possible, to establish a relationship with an attorney before a workplace issue turns into a full-blown crisis.