During the current health crisis, more and more people are encountering situations where they are forced out of their jobs. If you were asked to sign a separation agreement, you need an experienced attorney on your side. An attorney can help you negotiate a severance package that is more beneficial for you and your family. You will need to perform detailed research and leverage to get the compensation you deserve.
How to Negotiate Your Severance Package
What is a severance package?
A severance package, also known as a separation agreement, is a binding legal agreement between an employer and a former employee that includes the financial compensation for the employee’s departure.
In most cases, companies offer severance packages during involuntary layoff periods when the employee didn’t do anything wrong to warrant being fired. However, employees can negotiate severance packages to obtain a favorable package.
Below are some tips for negotiating your severance package:
- Understand the components of a severance package: To get the most value out of your severance package, you need to identify each part and identify any missing key benefits. The severance package won’t only consist of pay; it will also include elements such as benefits, stock options, a liability release, transitions services, and more.
- Don’t sign the package right away: Although your employer might want you to sign your severance package right away, you should wait before signing any paperwork. You should have an experienced attorney review your package to ensure that all the elements listed are in your best interest.
- Leverage your success: An important aspect of your negotiation is to leverage your success and accomplishments. Remind your employer about how much you have benefited the company with your hard work and loyalty. Provide your employer with a list of reasons why you are asking for a better severance package.
- Decide on a reasonable request: To increase your chances of a counteroffer, you should determine your priorities. Employers usually do not want to engage in a lengthy negotiation, so presenting a reasonable offer may encourage them to accept in order to move on.
If you need legal guidance negotiating your severance package, contact our California employment law attorneys today at !
