Is It Really Necessary to Have an Employment Contract for My Employees?

Is It Really Necessary to Have an Employment Contract for My Employees

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Ok, so your business is growing and you need to hire some employees. You've done a few interviews and narrowed it down to a few great candidates.Now, it's time to hire themwhat kind of paperwork do you need? And is it even necessary to have any paperwork at all?The answer is YES! Once you hire an employee it is critical to make sure you have an employee contract put together for them to sign. Some people have the misconception, oh, she is a friend I don't need her to sign anythingwrong!! You never know what will happen in business, and when money is involved people tend to change.Remember, a contract is made to protect a person, a company or a group of people. In general, a legal contract is when two willing parties enter into an agreement. One party would make the offer and the other party would accept the offer, now a contract is in place.How is an employee contract beneficial to an Employer/Company?1. The employee may have insider knowledge that is not privy to share to others; a contract may protect the company from this information being shared with others.2. The employer may have certain guidelines like holiday schedules, sick pay and more that the employee has to stick by in order to qualify for company benefits and/or bonuses.How is an employee contract beneficial to the Employee?1. As an employee you may be offered incentive programs or bonuses and you want to make sure those are honored.2. As an employee you want to ensure that your employer is not abusing the guidelines set forth, like amount of working hours or time off.What are some typical types of employee contracts?Not all employee contracts are the same, and all of them do not have the same purpose. Some can be very detailed and 20 pages long and some can be very simple. Some examples are non-compete contracts, confidentiality agreements, incentive agreements and more.As an employer how do you get and/or create employee contracts?There are three main ways to get an employee contract.1. Hire a lawyer to write an employee contract for you. This is recommended for large corporations or companies that have very sensitive or confidential information that the employee has access to.2. Write your own employee contract from scratch. This is not recommended, the main reason is that if you are not a lawyer or you didn't consult with a layer, there is a big probability that you are missing some critical information that you need in your contract.3. Use ready-made employment contract templates. This is HIGHLY recommended. Employee contract templates are written by lawyers and allow you to edit to fit your business. Most of the time you are just changing a few word and "filling in the blanks". These templates will save you time AND money.It is therefore necessary to have an employement contract for your employees. By keeping these information in mind, both parties would be protected when any issue arises.

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