How To Negotiate Your Severance Package

This how to negotiate your severance package template has 4 pages and is a MS Word file type listed under our legal agreements documents.

Sample of our how to negotiate your severance package template:

HOW TO NEGOTIATE YOUR SEVERANCE PACKAGE Letting go of a job can be stressful, especially when you are not certain about your severance package. It may interest you to know that you can negotiate your severance package with the appropriate actions. The benefits of a good negotiation outweigh the risks, especially because it is certain that you're leaving the company. During negotiation, performing detailed research and leveraging your history with the employer is advisable to get the most suitable compensation. Here are some helpful steps to follow in negotiating your severance package: Understanding What Makes Up a Severance Package Before starting to negotiate, you should try to understand what makes up a severance package. It's imperative to note that a severance package is not the same as severance pay. Unlike popular beliefs, there are multiple components to a severance package compared to severance pay. For the best value out of your severance package, there are certain components to look into so you can identify key benefits. The common elements of the package include: Paid time off: Employees can get paid for time accrued, including sick days and vacations. Benefits: Full-time employees can get employer-sponsored health benefits for months after a layoff. Some are also able to get medical insurance. If you pay a monthly premium, you may negotiate with the employer to cover the cost while looking for a new job. Stock options: If stock options aren't fully vested with the company, the severance package may give details on a suitable time to exercise the stock options. Liability release: The severance agreement may include a clause that releases the employer from liability or complaints. Non-disclosure agreement: In exchange for a non-disclosure agreement, certain severance packages offer employees compensation. Don't Sign Paperwork Immediately Take a step back before signing any paperwork because most employers want a smooth layoff process. Therefore, they may try convincing you to sign the severance agreement immediately. Instead of doing so, it's in the employee's best interest to remain patient before signing any paperwork. When leaving a job, certain emotions may affect financial decisions. So, it's necessary to take time out to process those feelings before finally signing. Note that some employees also have legal protections that allow them a specific time to review their severance package. Read Carefully Since a severance package is a legal document, it's imperative to read it thoroughly. Ensure you read the entire document to comprehend the necessary details. Reading carefully ensures that there is no misinformation that you would not agree to