Schools and colleges make sure that you know everything about your subject. I am a Chemistry student, and even in my sleep, I can name all the elements of the periodic table and significant organic reactions. My education made sure of it.
But, is knowing Chemistry inside out enough to survive in a competitive job market? OK, drop survival. Survival comes after I somehow manage to clear a job interview. The immediate step following it is signing an employment contract.
Each contract is different depending on your industry, seniority, job position, and the company’s terms and policies. It is paramount that before accepting the job, you read the contract carefully and ask relevant questions.
Things To Look For In An Employment Contract
- Job Title, Description, And Responsibilities
Your contract should mention the same role that you have been offered verbally. The associated roles and responsibilities must be comprehensively laid out.
It is to ensure that the employer cannot burden you with unrelated tasks in the future. If they do, you have the liberty to deny it without the fear of losing your job.
- Remuneration And Perks
The contract should have the same salary that was negotiated in the interview or at the time of application. See how the CTC is divided and what is the estimated in-hand salary that you will get. Contribution to the provident fund, gratuity, income tax cuts are the things to look for.
Make sure to take note of additional benefits and perks. Many companies provide health insurance schemes for their employees and their families. Annual travel expenses are often covered in the CTC.
The policy for bonuses should be carefully reviewed.
- Time Bond or Non-Confidentiality Clause
Some roles and companies demand a lock-in period for their employees, i.e. you cannot leave the job before the mentioned period ends. The remedy and legalities for the breach of this lock-in period are also mentioned.
Do look for any non-confidentiality clause if there is, i.e. you cannot work in any competing firm while working there.
Such constraints are put in place for safeguarding the interests of the employer. You just have to ensure that they do not negatively impact your future prospects and impede your growth.
- Working hours And Leave policies
Working hours and days per week should be specified in the contract. It secures you from over-exhausting yourself during the course of your job.
Do review that the leave policy, like sick leaves and holidays, is fair and just. It will help maintain a healthier work-life balance.
Apart from this, ensure that the contract mentions about:
1 Death in service clause: What happens to your funds in case of your demise during your employment. Who gets the dues?
2 Ownership of Content: Who has the ownership of content or work that you do? In most cases, you cannot distribute your work since it has the copyright of the company. Doing so may land you in legal trouble.
3 Promotion policy: Minimum criteria or time period to be eligible for a promotion may be mentioned.
Ask In Case Of Any Doubts
If you have any hesitation with any clause or policy, feel free to clarify it with your superiors. Clarifying right at the beginning avoids conflicts in the future.
If you feel that any important information is missing, like the breakdown of CTC, then do take it up with your employer.
Now you know exactly what to look for in your employment contract. Happy applying!
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This post is tagged under: life skills they don’t teach in school, employment, jobs, important life skills, employee, employer, industry, interview, job interview, rights of employees, legal clauses, leave policy, employment contract, working hours, sick leaves, death during service, promotion, renumeration, things to look for in employment contract, questions to ask before taking a job