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payback agreements

Payback Agreement Best Practices

Lately, we’ve been getting a lot of questions about payback agreements. We have chatted in the past here about whether or not payback agreements work, but we haven’t really discussed best practices in depth. We do recommend payback agreements for employers as a means to protect them against major financial losses should a transferee resign before the contracted period is up. But, from an industry perspective, we were curious about what others do. We tapped the Worldwide Employee Relocation Council’s knowledge center and here’s some of the relevant info that we found.

What Does Your Payback Agreement Look Like?

Recently, I read an article written by Suzanne Lucas, AKA EvilHRLady, about how employees should handle payback agreements, especially if they find themselves in an unsuitable position and want to leave. While the article contains helpful advice for transferees – namely, read the payback agreement thoroughly before agreeing to relocation – it also points out that payback agreements vary widely. Every company approaches the payback agreement differently and that can be confusing for HR, senior management and transferees alike.

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RICK CALANNI
VP of Business Development Northeast Region

 

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