It's a nightmarish situation that no one ever wants to endure under any circumstances: being summoned into a superior's office or conference room only to be informed that your employer has decided to terminate your services.
The city of Fort Lauderdale recently agreed to a new police union contract. The employment contract covers topics such as take-home cars, pay raises, future pensions and even smoking. As part of the agreement, all officers will receive a pay raise of 1 percent, which is to go into effect retroactively, starting Oct. 2013. Officers will also receive a 2 percent pay raise in 2014.
Florida is one of the states with the most restrictive laws against non-compete agreements. Because of that, some non-compete agreements may not even be enforceable in Florida's courts.
Broward County residents who are subject to an employment contract with a South Florida employer may find the following story interesting. The CEO of AT&T recently had his compensation package cut by more than $2 million, leaving him with $22 million in compensation for 2011. While this pay scale is certainly astronomical, the issues surrounding the cut in this employee's salary are important, especially for employees who may have been in a similar situation.
Negotiating a severance agreement involves addressing several factors that go beyond the bottom line. The employee needs to protect his or her interests and career prospects during this process. Among the considerations to negotiate are the length of time it may take you to find comparable employment elsewhere; full or partial release from any non-compete agreements; and, any employment contracts you may have signed.