Employer wanting me to sign long term contract

Been with the current employer 2 years now and suppose they're getting twitchy that i'll be moving on soon. So they've approached me with an offer of directorship etc. Of course with some caveats (lifes never easy it seems, someones always got to add in those pesky caveats) one of which is that i sign a 5 year contract.

Trouble is that i'm of the opinion that these are probably the best years of my life earnings and career-wise. And 5 years is an awefully (woefully) long time to be tied in. Suppose i'm afraid that i'll be forgoing any potential opportunities that will come about.

Am i alone in thinking that 5yrs is a ridiculously long time to be tied in?

Any advice welcome.

wanderer said:

Been with the current employer 2 years now and suppose they're getting twitchy that i'll be moving on soon. So they've approached me with an offer of directorship etc. Of course with some caveats (lifes never easy it seems, someones always got to add in those pesky caveats) one of which is that i sign a 5 year contract.

Trouble is that i'm of the opinion that these are probably the best years of my life earnings and career-wise. And 5 years is an awefully (woefully) long time to be tied in. Suppose i'm afraid that i'll be forgoing any potential opportunities that will come about.

Am i alone in thinking that 5yrs is a ridiculously long time to be tied in?

Any advice welcome.

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Why not get a clause added in that it can be reviewed after 2 years, or either party can buy out the contract for a fee.

Depending on whats your speciality, how key you would be to the company and how hard you would be to replace I wouldn't find it that strange.

If you have over 4 years continuous service you gain the rights of a permanent employee.

5 years is a very long time. What life changes may come along in 5 years that will impact what you want from your career, e.g. kids, new relationships, relocation, illness etc.

And what are the practicalities involved - you're not a slave, so they can't keep you from leaving. It is just a matter of what damages or penalties would apply. Will these be specified in the contract?

Why not get them to apply the carrot instead of the stick? Suggest they put in place a long-term incentive programme, i.e. a new bonus system (on top of any existing bonus system) which is spread over the next 5 years, on condition that you remain in their employment. Stock option schemes offer this kind of long-term incentive in many publically quoted (and some private) companies (provided that there is reasonable growth in the stock price).

To be honest a five year contract is far too long, to commit to. They should really allow a get out clause say after a period of time e.g. 18 months, so after that time you could leave with notice of course. If the employer wants you that bad, they should be flexible

Thanks for the replies All.

Managed to overcome this issue (seems you all were right!). Now for the next hurdle.

regards,
wanderer