A retainership agreement is a contractual agreement between a service provider and a client, where the service provider agrees to provide services to the client for a specific period of time, in exchange for a pre-determined fee. This agreement is often used in industries such as law, accounting, and consulting, where clients require ongoing services.
In the context of HR, a retainership agreement can be a mutually beneficial arrangement for both the client and the service provider. The client benefits by having access to HR expertise and support on an ongoing basis, without the expense of hiring a full-time HR professional. The service provider benefits by having a reliable stream of income and the opportunity to build a long-term relationship with the client.
CiteHR is an online community forum for HR professionals, and it offers a wealth of information and resources related to HR. If you are an HR service provider looking to create a retainership agreement, you can find a wealth of templates, sample agreements, and advice on CiteHR.
When drafting a retainership agreement, it`s important to consider the following key elements:
1. Scope of services: The agreement should clearly define the specific HR services that the service provider will provide to the client. This might include HR policies and procedures, performance management, employee relations, recruitment and selection, and training and development.
2. Fee structure: The agreement should define the fee structure, including the monthly or annual retainer fee, any additional fees for specific services, and payment terms.
3. Term of the agreement: The agreement should define the duration of the agreement, which could be a set period of time (e.g. 12 months) or an ongoing arrangement until either party terminates the agreement.
4. Responsibilities of the parties: The agreement should clearly define the responsibilities of both parties, including the obligations of the service provider and the expectations of the client.
5. Termination clause: The agreement should include a termination clause that outlines the circumstances under which either party may terminate the agreement, and the notice period required.
By creating a clear and comprehensive retainership agreement, both the service provider and the client can benefit from a mutually beneficial arrangement that provides ongoing access to HR expertise and support. With the resources available on CiteHR, you can create a retainership agreement that meets the needs of your clients and helps you build a successful HR service business.