Do you review your employment contracts?
2 Key reasons to review your employment contracts
In this day and age, most businesses are aware of the importance of having contracts of employment – but more often than not, once these documents are written they’re simply saved as templates and never reviewed again; a practice that could put your business at risk.
With that in mind, we’ve put together our Top 2 reasons why you should review your contract templates annually.
1.) Business needs change
As your business evolves, so will your requirements for your employees. Clauses such as hours of work, overtime, annual leave, confidentiality clauses and even non-compete clauses can become extremely important in an ever competitive business environment. No-one wants to lost a key employee only to have them poach all of your major clients when they start a new job!
2.) Legislation changes
It’s inevitable that legislation will change, but more specifically, pay rates; leave and other employee entitlements such as Superannuation can be subject to change annually – so make sure your contracts aren’t offering your employees less than what you are legally required to give them, or you could end up in a losing battle down the line.
At Talent Code, we believe in making compliance easy. Sign up to HR On-Demand’s Employer Template Library today to get access to our legally compliant Employment Contracts – and let us keep them compliant for you!