How To Negotiate a Severance Package

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Don't sign any termination papers until you're sure you've made the best deal you can.

To complete this How-To you will need:

Time to review your options
A meeting with the boss
Valid reasons for additional perks
Legal advice (optional)

Step 1: Understand that, legally, your company doesn't have give you severance pay unless you have a contract stating otherwise.

Step 2: Don't sign anything immediately, even if it means holding up your final check. Say that you'll review the package and get back to them.

Tip: Per federal anti-age discrimination laws, workers age 40 and older have 21 days to review their severance package, 45 days if they were part of a massive layoff, and seven days to change their mind after signing a waiver.

Step 3: Ask to speak to someone at the company who is in a position to sweeten the deal Human Resources is offering, whether that is your immediate boss or the CEO.

Step 4: If you're asked to leave immediately, suggest that you stay on long enough to complete current projects. Emphasize that this is in the best interest of the company.

Step 5: If you're offered severance, provide a compelling argument as to why you deserve more than the company's standard payout, like if you were hired away from another firm, or you relocated to take the job.

Step 6: Ask the company to keep paying your health benefits for a few months. This concession may be worth more to you than cash if you or someone in your family has large medical bills.

Tip: In many cases, terminated employees are kept on the company health plan until the end of the month, so ask for coverage beyond that.

Step 7: If you are just shy of receiving a year-end bonus or being fully vested in stock options, ask the company to fast-track those perks. If there's a deadline for exercising stock options, request that they extend it.

Step 8: Consider consulting an employment attorney before signing off on any package.

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Category:

Howto & Style

Tags:

• HotHowTos
• negotiating
• business
• severance
• package
• terminating
• fired
• deal
• money
• most
• getting
• paid
• leaving

[Zutentu]

this looks more like "how to loose your job" ;P

[TheNeophyte13]

i like pancakes.

[MrHotindianguy]

You sub anyone slut... you XD

[POWERJFROMLA]

i sub anyone

[manicazn]

I was laid off about 3 weeks ago. I got 7 weeks severance. I remember when my district manager wanted me to sign the severance agreement, when I asked for some time to think about it before I signed it, he got a little nervous. Looking back at this video, I never thought to negotiate for more perks. I eventually just signed the agreement 7 weeks of severance for two years of employment is not bad. Not a bad idea to consult a lawyer if you think you're getting screwed though.

[wildcog]

Wats a Severance package?

[zekest]

Those HR females are losers.....second of all...what a tiny office?

[66bluesboysam]

... Really

[46564364]

lol

[PinstripedPajamas]

For the idiots:

"Here's a severence package."

really means,

"You're fired, what you gonna do about it?"

[lostcause31]

loose? also this is when you're losing it...