If you have reason to believe that you may have your employment terminated in the near future, it is important that you look into your work contract to understand your right to a severance package. While no-one wants to be laid off, a severance package can make a bad situation a little easier to deal with.
If you do get laid off in the future, it is best to be prepared and already have an idea of what your severance package should look like. By doing this, you will be able to negotiate your severance package in a well-informed and lucrative way.
What should I take into consideration when creating a proposal?
The circumstances surrounding your employment and termination are highly relevant to what your severance package will look like. You should consider the amount of time you have worked for the company, and the value that you provided the company over the months or years that you have been there.
Additionally, you should question what your employer’s intentions were in terminating your employment. If they intend to hire someone at a lower rate of pay, you may feel that you should be compensated for this.
You should finally estimate the amount of time that you think you will need to find a new job in your industry. The severance package should be enough to cover the wages lost during this time.
By reflecting on your situation and having a good reason for the demands that you make, it is likely that you will be successful in negotiating your severance package.
