Many laid off employees want to know if they should accept their employer’s offer of severance or if they can negotiate for more. As with most things in life, severance can be negotiated, and one should always ask for more. Most often, an employer’s first offer is their lowest and not necessarily the most fair. However, knowing if the package presented is fair and negotiating for more requires legal knowledge and an understanding of what a fair offer of severance is.
Understanding Fair Severance
The key to severance negotiation is knowing where you stand in the negotiation process: are you in a position of strength or a position of weakness? Watch Daniel Lublin’s video for The Globe and Mail for tips on how to know where you stand.
What Should You Look for in a Severance Negotiation?
Severance negotiation is more than just determining compensation. The packages may also include letters of reference, outplacement counseling, and even legal fees. You have the right to negotiate in all of these areas.
Are Benefits Included?
Employees are entitled to working notice of termination, meaning that you should be informed of termination while you’re still at work. Thus, if you had received benefits as part of your employment, you should expect those benefits to remain in place with your severance.
Severance negotiation can be a strenuous and stressful process, but keep this tips in mind and you should be able to get a fair package after your termination.