Small Business EncyclopediaCategory: Employee-management
An agreement entered into between an employer and an employee at the time the employee is hired that outlines the exact nature of their business relationship, specifically what compensation the employee will receive in exchange for specific work performed
Contracts between you and your employees in which your employees promise not to take what they learn while working for you and use it against you while working for a competitor. A typical noncompete agreement says the employee agrees not to work for rivals, solicit business from current clients, or otherwise compete with you for some period of time, such as a year, after leaving your company.
Money in addition to wages and any other money that employers owe employees when their employment ends, such as through a layoff or firing. Severance pay is a form of what's generally called "separation," "termination" or "final pay."
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