What issues are relevant to negotiating a compromise package?
A compromise agreement covers many issues between you and your employer. Usually, the main concern is the compromise pay and you should focus on the money that is to be paid above your contractual entitlement. Make a list of the benefits that are the most important to you (For example, continued private health care or the use of company property after your compromise of employment) and check if they are offered in the compromise agreement. Try to find out what is the company's general compromise payment policy and ask colleagues what they are being offered.
Some parts of a compromise agreement cover non financial benefits and these might in the long term be even more important to your career. For instance, it might be useful to agree a standard reference to be included in the compromise agreement and even a non derogatory clause, so that you will more easily secure new employment. Ask your employer if you could provide the first draft of the reference letter.
Always take notes at any compromise meetings and never be pressurised to agree to the package - simply tell your employer you need more time to think about the package. You then have the opportunity to call an experienced employment lawyer.
Although, a compromise agreement is not legally binding before it is signed off by you and an independent legal advisor, it is advisable to keep the agreement "open", so that the employer cannot later argue from a moral stand point that you agreed to the compromise package.
Gather all evidence regarding breaches of your employment rights, so know your rights by seeking Stone Joseph's advice and getting help on employment law in practice. It is always better to prepare for the worse case scenario of bringing an employment claim, from the earliest opportunity. Discreetly keep the evidence safe - after all, your employer may exclude you from the work place.
You do not have to necessarily use the evidence at the compromise meetings but it is a useful back up plan after consulting with Stone Joseph.
You should consider how you wish to position yourself in negotiations - sometimes the sympathy and goodwill you have with senior executives can be used to increase the compromise package. The evidence of any breaches of your employment rights may increase the compromise package, although it may alienate senior executives. Consider carefully, when and if, you should use these complaints.
Remember, former employers can have an interest in keeping you happy, so you may have some room to negotiate.
As all compromise agreements require independent legal advice, then give Andre or Ruth at Stone Joseph a call (on 0207 8549098) at the earliest opportunity, so that you can receive advice tailored to your circumstances.