Losing your job is never easy. But when you’re laid off, there is something you can do to ease the financial burden of the situation, and that is to negotiate your severance package. A severance package is a financial package would offer a laid-off employee. It can contain any combination of benefits like lump sum payments, extended health benefits, or the continuation of some other benefits. The negotiation of a severance package is a critical aspect for any displaced employee to ensure they are treated equitably and that they set themselves up for continued career success. Here are some steps to help you negotiate a severance package when laid off.
Evaluate Your Contract: The very first thing you should do is review your employee contract to see whether there is a clause provision for severance. In most cases, employment contracts specify severance package details upon termination of the employment.
Speak to Your Manager: The next step would be to meet with your manager to hear the company’s stance on severance agreements. Be prepared to inquire about what benefits you can expect and what conditions you must meet or waive, so you know what to expect while negotiating.
Create A Proposal: Based on the information you have garnered so far, meet the company’s HR department or legal counsel to draft a proposal. Suggest the type of severance package you desire and provide reasons why you think you are eligible for the types of benefits you have put down on paper.
Be Reasonable: While creating your proposal, you must keep in mind that it should be reasonable and within the acceptable standards of the industry. You can start with a demand slightly higher than what you are reasonably expecting. It would be best to suggest an amount that is typically offered to employees with similar work roles as yours.
Highlight Your Achievements: In making your proposal, outline why you deserve such treatment from the company, highlighting the positive impact you made during your tenure at the company. Be proud of your achievements, and use them as a way to convince the company you are worth the severance you are seeking.
Get Assistance: You could leverage a legal professional or a human resource consultant to guide you through the negotiation process. Enlist the help of a professional who can help you make a compelling plea for the severance benefits you deserve during this process.
Remember, negotiations take time and are not always easy, but persistence and positivity can ensure that you get a fair deal out of the process. Keep in mind that severance agreements are not a guarantee, and there is no lawful requirement for a company to provide severance. Nevertheless, it is always worth trying to negotiate a fair and equitable arrangement with the company, given your tenure and loyal service to the organization. Therefore, the right approach to such an exercise can help you navigate the storm and find the right direction towards greener pastures of successful employment.
