Negotiating a fair severance package is in your best interest when departing from a job. It ensures financial stability during the transitional period between work.
However, some employers might attempt to offer a lower severance package than what you rightfully deserve. There are key signs to watch out for and steps you can take to ensure you receive fair compensation.
Evaluate your employment contract
Begin by carefully reviewing your employment contract. It may outline the terms of your severance package, including the amount and any additional benefits. If your employer is offering less than stipulated in the contract, it could be a sign of an attempt to lowball you.
Research industry standards
Understanding industry norms is essential when evaluating a severance package. Research typical compensation packages for individuals in similar roles and industries. If your employer’s offer falls significantly below these standards, it is an indication that they might be trying to shortchange you.
Consider your years of service
Your years of dedicated service to the company should be a factor in your severance package. If your employer’s offer does not align with industry standards or the duration of your employment, it might be worth questioning. Your commitment and loyalty deserve fair acknowledgment.
If you receive a severance offer that seems lower than expected, do not hesitate to seek clarification. Schedule a meeting with your HR representative or supervisor to discuss the details of the package. Understanding their reasoning can provide insight into whether the offer is intentional or a result of oversight.
Statistics indicate that there were 15.4 million layoffs in the United States in 2022. The unfortunate reality is that many of the affected individuals did not get the severance pay they deserved. You can take steps to ensure you get the best possible outcome in a bad situation.