Getting laid off isn’t fun. But, as an employee, you might be able to use this opportunity to your advantage. For instance, if you get a severance package, there are certain ways you can maximize your exit, by hiring a lawyer for your severance dispute as a way to get the maximum compensation.
A severance package is a separation agreement between an employer and a former employee. A severance package includes everything from financial compensation to extra benefits.
Usually, companies offer severance packages for voluntary layoffs. It occurs when an employee hasn’t done anything wrong, and hence, there is no legal cause for letting the employee go, but the company needs to restructure – then – severance packages often serve as an act of goodwill.
That said, when it comes to negotiating your severance package, here are some key steps that you will want to take:
Understand the Offer
Firstly, you will want to fully comprehend what you are being offered. Typically, people associate severance packages with severance pay. They aren’t wrong because severance packages are almost identical in name.
Certain components of a severance package make it different from severance pay. For instance, if your previous employer is rigid on how much they can pay you, you may still be able to boost the value of your severance package.
Get in touch with a lawyer and assess each component of the severance package that is offered to you. You will want to assess whether some potential benefits are missing, such as vacation days, pay packages according to your tenure, medical insurance, and other benefits.
Don’t Sign Immediately
You will never want to make the mistake of signing the papers immediately. Usually, employers want to complete the layoff process quickly as they are responsible for letting you get off work. Your employer might urge you to sign the Severance papers immediately.
During the meeting where they handed you the paperwork will more likely be uncomfortable for you. However, it is critical for you to wait some time before you sign the papers. When you find yourself in a situation where you are being let go, it will be hard for you to make important financial decisions.
You will want to take some time to thoroughly process the layoff instead of acting in a rush and accidentally signing away any important rights that you might have related to the severance dispute.
Carefully Examine Everything
You will want to double-check everything to negotiate the best deal on your severance package. As mentioned before, severance packages are legally binding documents, so you will want to read through the entire paperwork a few times. By doing so, you will know exactly what you are signing into as you will get your thoughts clear.
By carefully examining the paper, you can also look up any terms that you might be confused about and point out any information that might be missing. While you are at it, you might as well proceed to clarify your goals and assess your personal and professional priorities. You can then use negotiation to fight for more benefits.