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hey guys in today's video we're going to be discussing job contracts internship contracts employment contracts so it's a pretty important topic right you're not we're not talking about it at school we're not talking about at university we're not taught how to prepare to receive our first contract you know our first ever job we're so excited to get the job we're so excited for the internship that often we just don't care about what the companies put in the contract but what i want to be really clear into this video and i want to break down all the different parts that you may see in a contract because you know companies can slip things in there also you know you're entitled to certain things which companies will try and get away without giving you if you're not aware of them so in today's video i want to break these through i want to try and give some clarity on you know what i have in a contract you know what sort of different sections what parts of a contract are there and how you can be as literate as possible for your incoming job or internship so if you've watched my previous videos hopefully you're in a great position you have an internship or a job coming up obviously university's sort of ending schools are ending with the school year being what so june july august um so hopefully i've said maybe something lined up in the summer or you want to have something lined up for the summer and in that case you'll be best prepared so if you're new to my channel my channel is about sort of personal success personal finance and sort of general career education so i've done videos on linkedin personal finance credit cards um you know i've done videos on sort some side hustles how to make money things like that and linkedin was a lot of my content last year and now going forward i want to do some two days a week i hope they're staying consistent to that and sort of amalgamating these content is jobs careers and obviously having a good contract literate is very important part to a career hence why i'm doing today's video so hope you enjoy it leave a comment please leave a like subscribe share with your friends if this content's useful if you're inspired by it and let's get to the video okay so let's actually jump into this but again first on this preface it's really important you reach through your contracts carefully and basically i'm just going to cover the broad topics almost every contract will include there might be more there might be more specific contract clauses to your specific to your specific job but you know be careful read through them and let's get into it so obviously the first thing you're going to see in this contract is typically the start date when aren't you going to start employment it may be that you have a week of training that's included in them it may stay there okay for example it may say the 10th of june you start work but actually you have to start training from the 1st of june something like that that is a typical thing that may happen right it may also include the start date might have any provisions that you need to be in the office for that day you may start from work you may need to have completed a certain amount of training before the start date but the start date is typically the first thing you see and it's pretty easy there's not really much they can hide in that i'm just you know just be aware of when you're starting and be aware there's any training or anything like that involved the second is jobs and duties so this is probably the broadest topic you know it's most sort of you know everyone will have a different one this is not going to be specific to this video but jobs and duties is what are you going to do you have a job but what does that job entail so job title and duties covers a few different things it's pretty broad but it will cover specifically what are you going to do what are the tasks that are involved in your job and what additional tasks are you may be required to do so during your inter you know during your interviews or your sort of you know job perspective you get given you may have a good understanding of what's you know suggested in your employment but when you get the actual contract that's when your employers will specifically define what you need to do for me jobs and duties also covered who is my manager who i'll be reporting to and who i can go to for help for these roles so that might additionally be something that will be included for you another thing that might be included in this section is working hours now this again is very i think dependent on what job you're doing um so for me it says my job is nine till five but i really work 7 30 till 6 30. so you know be careful on this but in some cases they might actually put pretty brutal working hours on your contract so if that's the case you know be aware of that but also speak to people in your interview stages if you're messaging the person who's your sort of connection or hr person at the job ask them generally what is a typical working hours i would not base your assumption on working hours off the contract because it's likely that's not the case like i said i work way longer and this does also bring into renumeration and bonuses and bonuses and things like that which i'll discuss later because obviously in my case i want to work more hours to start working harder and do more for the company and that will help with my bonus which obviously is not my content to working hours but working extra obviously is how you get the sort of discretionary bonuses and things like that but it's good to be aware what your working hours are you know is it nine till five is it seven till seven you know what is it be aware of it so you're not caught out when you're actually starting the job but like i said talk in the interview stages with the recruiter to get some clarification another thing that may be discussed in the contract is your place of work now it seems very simple it's obviously going to be the office but actually it may not and also it depends on what career you're in so it may be the obviously of a specific office location but it actually might be that sometimes you're requested or required to work a certain amount of hours or days at a different office location perhaps you have two offices around the globe or in a different city and maybe you have to work so many days or hours at that other location and make sure that's something that you're willing and able to do if you're traveling across the globe and you need to do that you might not actually have the means the money or the time to be able to do these fulfill these contractual obligations now it may be that you can talk with your uh company and make sure they sort of take this out or if it doesn't work for you you can explain that to them and they may alter this clause but it's something to be aware of so it's a place of work now a really important section which also is typically included in contracts especially when you're starting out is the probation period the probation period is the start of the contract where basically let's say a two-month time where you can be fired with basically almost no notice and you can leave the company with almost no notice now why do they have it in a contract well it serves both you and the employer a lot of benefits it means if you personally do not like the job you don't find it fitting we don't like your team you're able to get out of your contract without having to worry about the large sort of contract technicalities of termination which i'll discuss later on in this video termination itself is a contractual clause and termination may be convoluted you may not have to give up notice period you may have to work additional tasks and the probation period saves you from this if you want to leave early you have a sort of set point in time where you can leave typically at probation period you also can't take holidays and you can't do other things because you have to basically prove yourself to the company because the coin is on the you know the coin flips on the other side where the company can actually defy you almost with any ease in those two months so you assuming two months is the example obviously so you need to work hard prove yourself in two months for the company because you don't want to get fired it's pretty easy to get fired in a probation period because like i said there's less rules on that so it's a basically trial imagine like a trial period it's like a trial period for the company and for you and some companies have different sort of clauses on that like i said you make more restrictions you might not be able to do certain things like do certain parts of the job so you want to be aware that when you sign the contract you're not signing on to a probation period that's too long because if it's a too long of probation period you know you start you start having to feel a bit more insecure in the job because you can still get fired so i personally be really clear on that and actually negotiate with the company if you think the probation period is too long be you know you're they're completely allowed to voice these concerns it may be company policy they may say no but you are definitely not a voice your concerns explain look i'm motivated you can reduce it to two months blah blah blah that's worth discussing another part of it which is super important is hey remuneration how you're getting money it's what we all want it's why we're doing this job it's what more it's mostly why we're doing these jobs is renumeration and making money so the main part of renumeration is your salary your basic salary your wage you get paid a set amount each month irregardless of your performance that's the the first thing you'll probably see in the salary and enumeration part of the contract the other parts to be aware of is sort of bonuses or the commissions as of discretionary parts to your compensation so it could be that you know obviously with a sales job is typically maybe a commission based you need to sell x amount of money and if you sell for example a house you may get one percent of the sale value that's your commission that goes additionally to your basic salary in my case with a hedge fund i have something called a discretionary bonus which means it's there's no set amount there's no sort of mathematical formula which gives me a set amount of renumeration it's to my managers or the you know the company's discretion so if i work really hard they can decide to give me basically anything they want um at the end of the year and with things like basic salary you aren't able to negotiate if you think that the basic salary offered isn't good enough or your or your remuneration package isn't good enough you are well within your right to talk with the company and discuss this and actually most cases companies almost encourage you they don't want they'd prefer you not to obviously complain because they can just pay you less but in some cases they expect you and they almost want you to you know argue yourself so be confident you know ask what you think is truly right and what you deserve you know if the company says no sorry this is what we're giving you that's what we're giving you obviously there's nothing ventured nothing gained sick pay is a super important part of a contract and sick pay will be a guarantee in your contract so companies can basically give you two things they can give you the bare minimum so in england it's good like the statutory sick pay which is just you know you get paid x percent of your salary by the government and the company doesn't do anything about it um typically companies will have a certain amount of days a year they allow you to be sick where they still pay your full salary because obviously if you get cold or something happens and you're injured and you can't work typically companies will say okay look we'll pay you maybe 10 days a year or full salary if you're sick if you're off work for example my contract gives me about 20 full paid sick days each year which is basically a month right of working days and if i am injured or ill after that month i will then get moved to the government's tenancy sick which is normal some companies actually don't do that so my case is quite good i've got a good policy for that so if not you know again you can ask a company for you you know explain hey i've noticed you haven't given any um sort of sick pay or sick days you know is this something we can negotiate and bring that up and be aware of this talking about days yourselves holidays so obviously we want to go to hollywood enjoy ourselves and this is super dependent on what geography you're in america typically has much more brutal and much less holiday days in the contract as a part to europe and other basically rest of the world so in england you obviously get governor oh basically everywhere in the world you get your government or your bank holidays often they're called you get those officers eastern it's christmas you know bank holidays themselves you may have these days off um in the year but obviously you need to relax you know recuperate enjoy your life so companies will give you a certain amount of days each year which is fully paid where you can go off and do your own thing so in my case i think i've got like 23 or 25 holiday days a year which is so that means working days it's not any day that's working days so for example there's 20 working days that means there's four weeks a year i can take off and you receive my full pay so normally the way you best can maximize your holidays is you sort of spread them out through the year or you may have a bigger summer holiday or you may have them at christmas but be aware what your contract offers with regards to a holiday do they give you a little amount you know compared to the market they're giving you what you should expect in sick pay if not again this is a point you can negotiate with your company to see a lot more holiday days and stuff like that so termination of employment is a really important part of a contract too so this is regards to what needs to happen in order for you to terminate that contract now typically what you have to do is something called you have a notice period so you have to give notice to the company they are wanting to leave them so it may be an email maybe a written letter you know typically emails nowadays but you will say look you know you don't have to necessarily even say the following reasons they may ask it again that's contract specific so more or less you're giving your notice to say i want to leave this company now in most cases it may be a one or two month notice period which means let's say i want to leave in june i have to give my notice in may to say hey i want to leave and it depends on the company because some obviously much if you have a good relationship with them they're more lenient on letting you you know make your next job or things like that because let's say you have a job lined up on june the first you can say they're coming hey look i've got job lined up in june the first is where we can organize it and work it out that i'm able to leave on time to meet my new job and they'll often say yes or no if that's the case and you can work with that and obviously match both parties so timelines so the timelines work for you kind of following on from this there's an idea of confidentiality so this may apply for you leaving their business or this might apply just in general if you're in the company but often there's maybe trade secrets or ip and which you're not allowed to share with other companies or other firms even other people and the contract will state this it will often say okay look you can't send marketing documents or you can't send contracts or disclose trade secrets or you know solicit or you know give information about our suppliers or our pricing or things like that and i'll explain that for obvious reasons because they want to project their interests they want to make money they want to continue their business going and i don't want competitors accessing private information so your contract will often state you know what's confidential what you're allowed to say the repercussions if you don't say you know if you say these things the confidentiality is pretty important be respectful to your company and you know you'll be fine under this bit so the final bit of contracts that i'd like to discuss is your restrictions after your employment this kind of links in the last two that i've spoke about with um confidentiality and with termination but the restrictions after employment is basically what happens once you've left the company if at all obviously if they obviously have to take this in the contract because they have to cover their own so they have to cover themselves so restrictions may be that you're not allowed to solicit clients you're maybe not able to solicit suppliers or you know use material you've made at the firm so it could be the contact list or a client base and actually that belongs to the company so if you leave you're not actually able in most cases you don't have the rights to this anymore you have to give this back you have to forego those contacts or forgo those relationships or forego those to the knowledge you've attained with the company and you have to give it back and often the case is that if you want to do it yourself you want to do another company you have to build up this yourself you have to build up your information again from scratch and if you're going to leave the company basically it's expected that you are able to gain these relationships from scratch yourself having got basically no help from the prior business so the best way to understand this sort of termination restrictions is anything you've learned or gained more or less at that company any clients and things like that you have to let them stay at their company and if you want to leave and do something new you kind of have to do that from the ground up yourself that's basically the safest way i can explain that so to just cover the main points i've discussed we've had your places of work we've had your probation period we've had your sick pay we've had your holiday days we've had your pension we've had termination of your company your contract we've also discussed confidentiality and what happens after you've ended the contract so your termination restrictions so i hope i've sort of covered very quickly what you should expect to see in your first employment contract i hope you see your first employment contract because that means you're getting a job and that's obviously a great thing so if you're interested in this like i said that's fantastic and yeah i hope this is clear to you again if there's any parts of the contracts i've just explained i'm not exactly a contract lawyer but what i'm trying to give you is a good understanding of what to expect when you see a contract what parts should you be aware of and to make sure you really clearly read your contract and cheat contact with respect and treat your employer with respect and be willing to talk with your employer and discuss any you know um queries you may have with a contract or any points that you'd like to discuss you know changes with such as pay or holidays and things like that so i hope that rounds up clearly everything about contracts you know at least on a broad spectrum of what you should be taking a look at what you should be considering in this contract if it's been useful for you please subscribe and like and let me know what you thought let me know if there's any questions you have on contracts or general employment in general careers in general please leave a comment below or message me on instagram at max robbins um if you have some further questions which i haven't answered in the comments i try to answer everything but in case i don't please check me out there if you want any advice on sort of career things like that or you want to have questions with me once a week i actually made a patreon i haven't promoted this yet but i made a patreon where i want to try and be able to either talk to you one-on-one or have sort of calls each week where i can have a bunch of you guys on the same call and discuss careers or discuss linkedin discuss messaging and if you have much more one-on-one advice i actually offer like a mentorship program which i'm going to start offering people now where i actually can walk through you know you and i can have one-on-one calls all during the week to try and help best place your career best place uh your job applications and networking and i can really work with you one-on-one to try and get your dreams and your goals to come true so check out the patreon if you're interested in that it's not obviously you know just watching and subscribing channel is enough but if you want to get engaged with me more that's a great way to do it otherwise like i said subscribe like comment below share with your friends i really want to try and build this channel to a thousand subscribers um at the time of recording this at about 500 subscribers so you know i really want to try and grow this channel help as many people as i can so if you can share with your friends that'd be fantastic i hope you have a lovely week weekend and i'll see you guys