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Robin F. Bond, Esq.
Robin@Transition-Strategies.com
Advocating for our clients at every stage of the employment relationship.
TOP LAWYER 2022
Negotiating a severance package
when your employment is ending.
If your job disappears overnight, your income doesn’t have to. Severance is a package of pay and benefits continuation that an employer can offer to help you make the transition to new employment elsewhere.
Although this lifeline is not required by law, severance pay
is beneficial to employers, too, as it shows goodwill towards employees and helps recruit and retain employees who want to know that the employer cares.
People often ask me, “What is typical severance in the private sector? And how do I get my employer to pay me severance?” Here are my key tips to help:
• How much severance you need depends on many factors: tenure with the company, compensation, your career field, and your age are important considerations. The higher level your job, the longer your search will take.
• For most, the old formula of “one to two weeks of pay per year of service” just won’t provide compensation for enough time to land a new role.
• We help people assess if the deal offered is as good as it can be – and to create a persuasive “ask.”
• In addition to salary continuation, you will want to consider subsidized COBRA, a pro-rated bonus for the year, vesting of options or restricted stock units, relocation expense forgiveness, career counseling/outplacement, and a good reference.
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