Whether you work for a manufacturing business or a top-tier marketing company, every employee may agree that their worst fear is being called for an abrupt meeting with an HR person present. This scene can be a signifier of bad news.
In the worst case, they might tell you that your services are no longer required. In most cases, they have a few documents that you need to sign, including a one-month severance package. Generally, the fear and worry of joblessness kick in, and people panic. But that is the worst thing you could do.
Instead of panicking, you must remain calm. Severance packages are a beneficial facility for employees that are given when they are fired or laid off. Its amount, time, and benefits vary in every company. If you feel your severance pay is not sufficient for your less, you can negotiate it.
Instead of signing the documents, take a deep breath and use these tips to negotiate your severance package.
- Read Everything Carefully
Once you enter the room and are told to sign the document, you might feel pressured. You may want to get done with this awful confrontation, but it is in your best interest to read everything carefully before signing the document.
A severance package is a legal document that can have consequences. Therefore, take time to read the document carefully and understand each section. Take your time to look up the confusing terms and note down the missing or vague information.
Yes, being so attentive to detail in such an emotional state can be had, but you have to make sure that the severance package acts in your best financial interests. Do not hesitate to get in touch with a severance attorney if needed.
- Ask an Expert
As mentioned, severance packages are legal pieces of paper. Once you sign them off, you give away your right to negotiate or involve a legal expert. That is why, if you feel confused or lost, it is always a good idea to get in touch with a severance law attorney.
A severance attorney can help you greatly, especially if you have never been laid off before. They can help you identify misleading or vague parts, help you negotiate your package, and can ease your path to future employment.
- Look Beyond Money
Negotiations for severance packages are not just for the money. They are supposed to ensure that you have a financially protected future, especially till you find another reliable source of income. Therefore, when you feel ready to negotiate, consider multiple options for negotiations. Exploring alternative career paths, such as shipping jobs, can also be a strategic move while negotiating your severance package to ensure continuous income.
It is important to have a backup plan in case your negotiation is rejected. If your employer has more flexibility in other areas, you can consider health benefits, references, and outplacement services or other resources you had during your employment.
In some cases, your employer can also help you find a new job through their connection. It gives you an opportunity to choose between a better severance package or an opportunity for a better future.
