Severance Package How to Negotiate A Higher One

Severance Package How to Negotiate A Higher One Did you know that you are able to negotiate your severance agreement and possibly get yourself a higher severance package? When a layoff or termination happens many people sign the agreement in front of them because they want to get out of the conversation as soon as possible. As with any agreement, its in your best interest to take some time to consider your options before signing a severance document and to push back to see if you can get more.A recent survey by Lee Hecht Harrison noted that there has been a 10 percent uptick in companies who have an appeals process in place to modify severance offerings. But, even if you work for a company that doesnt have a formal process, its still okay to ask for more.Here are some details to consider if you are handed a severance agreement. The keys are understanding the options available to you and knowing your priorities.Dont forgetA typical first step for those facing a severance agreement is to ask for more money. Before you start negotiations, though, find out how much time you have to consider your options, then explore these important factors. Get the answers to the following regarding yourseverance benefits.Your entitlementsCheck the laws in your state and your company policies to be sure that you are receiving theseverence pay and unemployment benefitsthat are at least required. Many states have parameters in place around when you receive your final paycheck and how you are paid out for sick, vacation or personal time. These are not items you should have to ask for, but you should confirm that everything is in order.A Second OpinionDont underestimate the value of getting outside support because, quite simply, you oftentimes dont know what you dont know. Catherine Rhodes, an experienced attorney who specializes in employment law recommends finding an experienced employment lawyer before you need one. Having a trusted advisor whom you already know will give you piece of mind if an issue comes up and allow you to reach a resolution quicker without the added time of meeting and vetting your options. Catherine shares that an experienced and trusted attorney can advise and steer you from behind the scenes, or to directly interact with your former employer, to remove harmful provisions in the agreement, to improve the severance package, or to modify the agreement. A good attorney will offer you a complimentary consultation, to see if there is any fundament for a claim, for retaliation, for example, that you might use as leverage for a higher severance. I often hear that the cost is a deterrent for many when it comes to speaking with an attorney, but with the option for a free consultation and the fhigkeit return on investment, it is probably more approachable than you think. Whomever you choose for your second opinion, an attorney, a trusted mentor, or an experienced colleague, be sure that you run this document by someone to get an outside perspect ive. You dont have to go it alone.Whats on the table for negotiation?Just like in job offer negotiations, you can haggle over far more than just the dollar amount. Consider asking about the following when you negotiate your severance agreement.PaymentThis is typically the first thing that one will look at when facing a severance agreement. Companies severance packages are typically related to the number of years youve been employed. Most companies offerings sortiment from 1 to 4 weeks per year and according to the same survey by Lee Hecht Harrison, over 90% offer 1 to 2 weeks. In other words, a person who has worked for a company for 7 years may get two weeks of severance pay for each year, resulting in 14 weeks of severance. It is okay to ask for more. In fact, if you dont you may be leaving money on the table. Provide a calculation, says Catherine Rhodes, of how long it will take you to find a new job, or polish or revise your skillset, and present this information as a justificat ion for a higher severance amount. You can also put a dollar figure on the money you have saved the company or brought in, and use that as justification for a higher than the usual figure.InsuranceIf continuing your health insurance is a top priority for you, consider asking your company to pay for your COBRA premiums. After your employer stops contributing their portion, premiums can increase by 3 times the amount youve been paying, so consider asking for this to be a part of your package. This figure might end up being much higher than a potential payment.Separation DateMany say that the best time to look for a job is when you already have one. So why not extend your termination date? You could remain on the books at a company after youve stopped reporting to work. Although your last day may be June 1, the organization could agree to terminate your employment as of August 1, giving you two months to look for an opportunity while still being able to truthfully say that you are empl oyed. At many companies, insurance ends at the end of the month, so changing your last day of employment from June 30 to July 1 might mean an extra month of benefits, too.EquipmentWant to keep your company car, phone or laptop ask for it Your equipment is fair game in a negotiation.OutplacementPart of your companys package could be help in finding a new job. There are many firms that partner with companies who are managing a large restructure. If your company doesnt have those relationships, you can ask for an allowance or reimbursement for career coaching or additional training to find your next job.If youre facing a severance agreement, there is usually a lot of concern and questions about the future especially regarding your companys severance policy. And youll want answers. Will your severence package be paid in severance payments or as a lump sum? Are there other severance benefits or unemployment benefits invovled? What about all your unused vacation time? If there were other laid-off employees, do you know what kind of severence package each of them received? Have you checked your employment contract for any other important notes about being terminated? Youll need an answer to most of these before you jump to signing any papers.Remember, though, that your next job is out there, and its probably better than the one youre leaving. Ask for what you deserve and youll feel better for having finished strong and seeking what youre worth. Youve got this.--Alyson Garrido ispassionateabout helping women advance their careers and findjobsthey will enjoy. As acareer coach, she partners with her clients to identify their strengths and create a path toward a more fulfilling career. Alyson provides support around preparing for interviews, wertzuwachs reviews andsalarynegotiations, ensuring that you present yourself in the best possible light for job search and career advancement. Learn more or book a session with Alyson by visiting www.alysongarrido.com.