Tips To Negotiate a Severance Package with Your Employer

OlufisayoJuly 7, 20210287 views

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Being let go from a job is understandably stressful, although you might be able to negotiate a severance package that gives you the best benefits.

A good severance package could help you make it until you secure another job role. However, most employees are not aware that they can negotiate their severance package depending on various factors regarding their employment and dismissal.

Consult A Lawyer

Suppose you have been unfairly dismissed, endured a hostile work environment, or another factor outside your realm of control cost you your income. In that case, you should consult an employment separation agreement lawyer as soon as possible.

A legal representative will handle negotiations for you and ensure you receive a fair severance package due to your unfair circumstances. There are various types of employment lawyers out there, although you must be sure to consult a specialized employment separation agreement attorney.

Don’t Sign The Paperwork Too Soon

You might feel hasty to get the ordeal over and done with, although signing the paperwork too soon will definitely seal the deal, and you won’t be able to argue later that you are entitled to a larger and more beneficial severance package. So be sure to take your time when signing and go over the paperwork with the help of your lawyer.

Allow Room For Options When Negotiating

Your employer might have more room available in some areas, while there might be no financial flexibility in others. So instead of demanding finances during negotiations, you should consider giving your employer a few options.

You can consider other areas such as health insurance, outplacement services, and even company references that would benefit you as well. If you handle your negotiations correctly, you might still have your employer on your side, helping you seek a new position with their connections.

Understand The Limits

Of course, there are limits when negotiating a severance package; if you insist on too much, your employer won’t be willing to negotiate at all, which can put your benefits in jeopardy. So be sure you know the limits regarding the specific situation, your employment contract, your income, and other factors. Asking for too much is one of the biggest mistakes that you can make when negotiating a severance package.

Leverage With Your Success

If you are leaving your position at work due to unfair circumstances, you should leverage your success when negotiating. Remind your employer of the positive impact you have had on the workplace and the business’s bottom line. If you can leverage your success correctly, you will secure a suitable severance package as your employer will understand your reasons for leaving the company.

When negotiating a severance package, your ideal goal is to receive a package that will help you get by for at least three months following your contract termination. However, in some cases, employees can receive severance pay that covers up to six months of their income loss. Be sure to understand the dynamics of severance packages and navigate the situation with the help of an expert lawyer. An expert lawyer will be invaluable to negotiations and securing a suitable severance payout.

Photo by Liza Summer from Pexels

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