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Answer for Employment contract renewal for existing employees – ON, BC, QC

Yes, it’s not only a good idea, it’s legally required. That’s because contractual obligations and duties aren’t legally binding unless the person providing them receives what’s known as consideration, or something in value in exchange for the promise. To be considered adequate, consideration must provide something a person doesn’t already have. When you hire a new employee, furnishing employment is considered adequate consideration. But that’s not the case with employees you ALREADY employ. Those employees need to receive some other value that they don’t already have, like pay raises, additional benefits, schedule concessions, or just about anything else. Management needs to make a business decision on which form of consideration to offer based on finances and other circumstances affecting your organization. 
Hope that helps. Glenn