Download Your Free Contract Template Banking, Finance & Insurance Award

 

Work in the Banking, Finance or Insurance Industries? Let’s face it, Employment Contracts can be extremely complex documents, and understanding how they apply to your business & employees can sometimes seem daunting. Our team of experts at Employment Innovations have prepared a suite of Employment Contract Templates covering full-time, part-time & casual employees.

 
Simply fill in the following form and access your Free Contract Template Banking, Finance & Insurance Award.
Simply fill in the following form and access your Free Contract Template Banking, Finance & Insurance Award.

What should be included in an employment contract?

High Performing Teams

In an employment contract, several key elements should be clearly outlined to establish a transparent and mutually beneficial working relationship between the employer and the employee. Firstly, the contract should specify the terms of employment, including the job title, duties and responsibilities, and the commencement date. This clarity helps in setting expectations regarding the role and ensures both parties are on the same page.

Secondly, the employment contract should address the remuneration and benefits package. This includes details about the salary or hourly rate, payment frequency, and any additional benefits such as bonuses, leave entitlements, or health benefits. Clearly defining the compensation package helps prevent misunderstandings and provides a basis for the employee’s financial expectations.

Lastly, the contract should cover the termination conditions and notice periods. It should outline the circumstances under which either party can terminate the employment and the notice period required. This provides clarity on the process of ending the employment relationship and contributes to a fair and legally compliant termination procedure. Including these key elements in an employment contract ensures a comprehensive and legally sound document that protects the interests of both the employer and the employee.

High Performing Teams

In an employment contract, several key elements should be clearly outlined to establish a transparent and mutually beneficial working relationship between the employer and the employee. Firstly, the contract should specify the terms of employment, including the job title, duties and responsibilities, and the commencement date. This clarity helps in setting expectations regarding the role and ensures both parties are on the same page.

Secondly, the employment contract should address the remuneration and benefits package. This includes details about the salary or hourly rate, payment frequency, and any additional benefits such as bonuses, leave entitlements, or health benefits. Clearly defining the compensation package helps prevent misunderstandings and provides a basis for the employee’s financial expectations.

Lastly, the contract should cover the termination conditions and notice periods. It should outline the circumstances under which either party can terminate the employment and the notice period required. This provides clarity on the process of ending the employment relationship and contributes to a fair and legally compliant termination procedure. Including these key elements in an employment contract ensures a comprehensive and legally sound document that protects the interests of both the employer and the employee.

Commonly asked questions about employee contracts

Can I make changes to an employee's contract after they've started working?

Any changes to an employee’s contract after the commencement of employment should be approached carefully. It’s important to communicate proposed changes transparently, seek the employee’s agreement, and, if necessary, provide valid reasons for the modifications. Unilaterally altering the terms without agreement may lead to legal and employment relation challenges.

How do I handle negotiations when an employee wants to change contract terms?

When an employee wishes to negotiate certain terms of their employment contract, it’s advisable to engage in open and constructive communication. Listen to their concerns, consider the feasibility of their requests, and be clear about the company’s position. Negotiations should be conducted professionally and may involve compromise until a mutually agreeable solution is reached.

What are the consequences if an employee breaches their contract?

Breaches of employment contracts by employees can have varying consequences, depending on the severity of the breach. It’s essential to address issues promptly, following the procedures outlined in the contract and relevant employment laws. Consequences may range from verbal warnings to termination of employment, with the goal of maintaining a fair and compliant workplace.

Are verbal agreements or informal emails considered binding in an employment contract?

While verbal agreements or informal emails may indicate mutual understanding, it’s crucial for employers to have the key terms of employment clearly outlined in a written contract. A written contract provides a legally binding document that helps prevent misunderstandings and provides a foundation for resolving disputes.

Need more help?

 All advice is general in nature, for advice specific to your situation, please get in touch with one of our HR Partners.

Our team at Employment Innovations are able to offer tailored workplace advice. If you need any assistance with payroll processing, employment contracts, Modern Awards, enterprise agreements, workplace advice or require access to our full HR document library, contact us to speak with one of our HR experts.

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Download Your Free Contract Template Banking, Finance & Insurance Award

Download Your Free Contract Template Banking, Finance & Insurance Award