Update your employment contracts to avoid loopholes!

If you have employment contracts or agreements with your staff, be sure to review them at least once per year to ensure that they remain compliant with legislation and best practices.

Recently I became aware of a company who had not reviewed their contracts in over ten years, and a senior employee who left the organization was able to successfully sue for thousands of dollars in termination pay and bonuses that could have been avoided, had the company updated their contract.

With all of the legislation changes that have come about in the past year or so, this is even more important.

It may seem expensive at the time to have a professional review your contracts, but the alternative costs can be much higher. Better to spend a few hundred, rather than thousands!