Settlement Agreements: What Are They & How To Negotiate
Due to the Covid-19 pandemic, a number of businesses have been forced to restructure or have been left with little option but to close. In their case, this may mean that employees are either made redundant, or offered voluntary redundancy.
In many cases, the employee may be offered a Settlement, which determines any financial compensation as well as terms that both parties are to adhere to as the working relationship comes to an end.
If you are in the position of being offered a settlement agreement, or are concerned that you may be in line for redundancy then there are a range of things you can do.
Take Your Time
These are stressful times for many employees, and also for bosses – often your employer may pressurize an employee to accept the terms they have been offered. It is important to not accept or reject any offer straight away.
Remove Emotion
The process of being made redundant or negotiating a settlement agreement is a stressful and sometimes complicated one. Employees will often request that we, their solicitors become the point of contact with their employer in order to find the best outcome. By employing a 3rd party to assist you, this not only helps simplify the process, but also helps to remove any emotion from your decision making process and helps to achieve the best possible settlement for you.
Think Beyond The Money
Understandably, the key driver for a successful settlement negotiation will be the financial sum that is agreed. However, there are other areas that can be negotiated and agreed that may help to reach an accord. For example, if your employment contract has a non-compete written in then it can be agreed that this is waived.
Other areas can be negotiated as well, for example the continued use of any company car or company phones/electronic devices that you would otherwise not have access to post-employment with them. Think about the benefits/perks you currently receive through your employment and use these to help negotiate.
Seek Specialist Advice
For many, this may be the first time they go through the process of leaving a business, so seeking specialist advice could be the most important decision you make. At Bennett Griffin, our team have experience in advising and negotiating settlement agreements with employers on behalf of the employees. We can also advise on whether it would be beneficial to go down the Tribunal route.
If you are looking for advice on your settlement, or wish to take advice before this happens then our dedicated team are on hand to advise and assist you in this process. Contact them on 01903 22 9999 or via info@bennett-griffin.co.uk. Alternatively, fill in the form below this article and we will get back to you.