In these trying times, it is quite possible that your next paycheck envelope could contain an unwelcome pink slip. You are likely to be shocked and even destabilized at the news of your termination. While that might be unavoidable, you should know that you have options when it comes to walking away with a severance package.
Before you engage in any negotiations with your soon-to-be former employer, learning about your rights to a severance package is important. Below are some considerations to keep in mind.
Understand severance packages are quid quo pro arrangements
Companies are not in the business of giving away their money and resources, especially to employees who are headed out the door. So, when you accept a severance package it is important to understand that there will be rights you will sign away accordingly. Your job at this juncture is to make sure that what you get is worth what you are signing away.
Hold out for a better offer
The first offer is rarely the bottom line. Even if it is, there is nothing to lose by asking for better terms. Remember, too, that it is always not just about the money. Sometimes, you can ask for provisions like additional months of health care coverage as well as a cash buy-out.
Seek guidance before accepting an offer
There is nothing wrong with asking for a little time to allow an employment law attorney to review the offer before your sign it. Don’t be in a rush to concede or give ground at your initial meeting. You don’t want to give up any of your rights or options without a fight.