Could You Have An Executive Pay Dispute In New Jersey?
If you are an executive, or an upper-level manager, at your workplace, you may have several perks, bonuses and incentives included in your compensation package. This accounts for the leadership and vision you bring to the organization on top of your time and effort. However, things can get tricky when you have been denied any part of your pay, which may not necessarily be in monetary value. In addition, you may feel like you have gotten the shorter end of the stick if you have been involuntarily terminated. In such cases, you could have an executive pay dispute. Read on to find out more.
Bonuses
On top of monthly paychecks, executives are often offered a series of bonuses. This is in recognition of the leadership and direction they bring to their employer and to compensate for the demands of their position. Bonuses can account for a significant percentage of an executive’s take home pay, and can encompass the following:
- Sign on bonus, which is paid out shortly after the executive accepts an offer of employment
- Discretionary bonus, to be awarded if the executive meets certain performance benchmarks
- Retention bonus, awarded to executives who stick with the employer through a stipulated period of time
- … and many more
Company Shares
Many employers offer company shares to executives in incentivizing them to join the organization. However, receiving and retaining them is not always clear-cut. For instance, some executives may have to be with the company for a specific period of time before the shares become officially theirs. Others may get awarded shares based on their performance.
Severance Agreements
To protect executives in the event that their employment is terminated prematurely or without just cause, severance agreements, also known as exit packages, are in place. These are often referred to as the “golden parachute” as it provides executives with some benefits and security in such an unforeseen event. The terms of severance agreements can vary from employer to employer, including when it will be paid out and how soon medical benefits will be cut off, amongst other things.
Perks
Executives may get certain perks that lower-level employees do not, such as the flexibility to work from home, access to company vehicles or special parking spaces. With tightened scrutiny around executive perks in recent years, it would be prudent to check that the perks you are receiving comply with regulations.
Turn to Carcich O’Shea For Employment Contracts Representation
If you have been shortchanged in any aspect of your executive pay contract, you deserve to be heard. Your rights should be upheld and at Carcich O’Shea, LLC, we listen. We ensure that you are not cheated out of anything that has been promised to you in your employment contract. Our attorneys are well-versed in the latest employment laws and will see to it that your rights are fairly represented.
Contact us today if you would like to discuss what can be done to ensure that your executive pay disputes gets settled fairly and timely.