Can we adjust paid time off (PTO)?
Yes. As long as the statutory minimum is met, it is possible to offer additional PTO.
Can we adjust working hours?
Yes, we can adjust working hours in the agreement. Full-time is considered 38 working hours per week or 7.6 hours a day, typically Monday to Friday. The spread of hours must be defined in the employment agreement and agreed upon by your supported employee.
Can we remove the notice period?
No. The statutory notice period is between one to four weeks and cannot be removed. Please note, per our Master Service Agreement (MSA), Velocity Global needs at least 30 days to process terminations.
Can we remove or increase the probationary period?
A reasonable probationary period can be included in the employment agreement, which can be anywhere from three to six months. Employers in Australia are not obligated to have a probationary period, but we recommend one if it is the first time you are working with the supported employee.
An employer can only extend the probation period if the contractual arrangements related to the probation period allow the employer to do so.
Can we add commissions, bonuses, or ad hoc payroll items?
Yes. For commissions and bonuses, we will typically use our Variable Compensation Agreement to outline the performance or measurables that your supported employee needs to meet to receive payment. For the bonus, we typically use a simple clause in the employment agreement stating the percentage of the discretionary bonus entitlement.
How can we offer equity or stocks to our supported employees?
In Australia, we offer you the option of issuing equity as either “nonemployee” or “employee” grants. We do not facilitate withholding and payroll reporting unless the award is cash settled.
How can we offer equity without signing a direct agreement between our supported employee and us?
We require you to directly issue the grant notice (i.e., side agreement) to your supported employee. This side agreement should not include any language that indicates a direct employer or employee relationship between you and your supported employee.