Despite all your best efforts to recruit and retain the right key executives, sometimes things just do not work out as planned and it becomes evident that it will be necessary to part company.
‘Managing the departure of a senior executive carefully, and within the law, will reduce the risk of a tribunal claim, protect your business’s customers and reputation, and should ensure as little disruption as possible’, says Gillian Reid, a Solicitor in the employment team with Ware & Kay who looks at the main areas for employers to address when it is time to say goodbye.
First step: check the agreements
Collect the suite of documents that set out the executive’s rights and obligations on departure. These may include:
the contract of employment or service agreement;
commission or bonus agreements; and