Severance Package Negotiations

Severance packages can be an important consideration for employees who are facing the end of their employment. While the specifics of a severance package may vary depending on the employer and the circumstances of the termination, there are several key elements that employees can negotiate in order to make the most of their severance package. Here are 10 things that employees can negotiate in a severance package:

1. Severance Pay:

   • This is the amount of money an employee will receive after their employment ends. It can be based on factors such as the employee's length of service, position, and salary.

2. Benefits continuation:

   • This refers to the continuation of employee benefits such as health insurance, retirement plans, or stock options after the employee leaves the company. This can help employees to maintain their benefits while they look for a new job.

3. Non-disclosure or non-compete agreements:

   • These agreements can be included in a severance package to protect the company's confidential information or prevent the employee from working for a competitor for a certain period of time.

4. Outplacement services:

   • This refers to assistance provided to the employee to help them find a new job, such as resume writing and interview coaching. This can be a valuable resource for employees who are looking to transition to a new career.

5. Positive reference:

   • This refers to a letter of recommendation or verbal reference from the employer to help the employee find a new job. A positive reference can be an important asset for employees who are looking for new employment opportunities.

6. Release of claims:

   • This refers to an agreement by the employee to not take legal action against the company in exchange for the severance package. This can help to avoid a costly and time-consuming legal dispute.

7. Additional payment for unused vacation or PTO:

   • Employees can negotiate for additional compensation for their unused vacation days or PTO, which can help them to bridge the gap between their last day of employment and their first day of their new job.

8. Continuation of certain perks, like parking or gym membership:

   • Employees can negotiate for the continuation of certain perks or benefits that they may have had access to while employed, like parking or gym membership.

9. Extension of the notice period:

   • Employees can negotiate for an extended notice period, which can allow them more time to prepare for the end of their employment and find a new job.

10. An agreement to not contest unemployment benefits:

    • Employees can negotiate for an agreement with their employer not to contest unemployment benefits, which can help to ensure that they are able to receive unemployment benefits more quickly and with less hassle.

It's important to note that not all companies offer severance packages, and the terms of a severance package can vary depending on the employer and the circumstances of the termination. However, by knowing what to negotiate and being prepared to advocate for yourself, you can increase the chances of getting a fair and beneficial severance package.