Hers Is What to Know About Negotiating a Severance Package

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Hers Is What to Know About Negotiating a Severance Package

Life is an experience that involves a sequence of good and bad times. Getting fired from one’s job certainly counts as a bad time. However, if you shift your mindset, you can leverage the opportunity and make the most of it.

That said, if you have just gotten fired, you will want to calm down, take a step back and assess the situation. Sometimes, getting fired is accompanied by a severance package.

You can negotiate the redundancy package with the help of a lawyer. However, to deal with a sudden termination, follow the below-given steps.

Understand the Reason for Termination

When you are fired out of the blue, you need to get a clear idea about why you have been terminated.

Perhaps you were part of a mass layoff, especially when your company has been downsizing. However, you can also be wrongfully terminated. Most companies fire employees who are whistle-blowers. You can also get fired when you fail to stick to the company policies and have a record of poor work performance.

You can get fired if you show up late to work every day. On the other hand, if you have complained about racism and gotten fired in response, you have been wrongfully terminated. If you truly believe that your employer has wrongfully terminated you based on racism, get a lawyer on board to get duly compensated.

Take Your Time Signing the Legal Document

Severance Package
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Take your time reviewing the agreement. Your severance package is essentially a legal document that needs to be read carefully before signing.

The thing is, many people who find themselves in this position are in a state of shock, which means that they cannot believe that they just heard the words that they are being laid off. You will want to understand the importance of not rushing in, being impulsive, and signing anything right away.

As a rule of thumb, you should never sign any document impulsively, and with the severance package, especially, there is no need to sign anything right away. You will want to carefully assess the contents of the document and even hire a lawyer if you have to, who can help you go through the details.

The lawyer can also help with determining whether or not the severance package omits certain benefits and compensation that are rightfully yours. When reviewing the legal agreement, you will also want to analyze the payment schedule to see if you are being granted a lump sum amount or whether you will receive the payment in packages over time.

You will need to get a clear idea of what the severance package is about and what you can expect from the payment. To find more about it, you can click here.

Things to Negotiate in A Severance Package

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Here are the things that you can negotiate in a severance package:

  • Unused vacation
  • Sick days
  • Accelerated stock vesting
  • Severance pay

Apart from these, you can also ask for other things, such as job placement assistance, resume coaching, and health benefits. If you are dissatisfied with how long they will continue to cover you under your health plan and if you are in high need of health care, you may negotiate your severance package and ask your company whether you can have additional time where they are covering your policy.

You can also negotiate a bonus payout – there is more than you can negotiate, which is why you will want to think outside the box rather than just the actual check that you can walk away with.

Now, when it comes to negotiating your severance package, you will want to be absolutely sure about what exactly needs to be negotiated. You might be interested more in the amount that you are being offered, but, as mentioned before, there are several other aspects too, such as disability and health-related benefits.

Depending on the situation and cause of the layoff, you might want to ask your soon-to-be previous employer about providing you with an official reference letter that clearly states that you left your recent position voluntarily instead of having been subjected to a layoff.

Hire a Lawyer Right Away

hire a lawyer
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The negotiation of a severance package can be critical for your career. Your goal is to successfully negotiate the package. So, you will want to hire a lawyer right away. Never make the mistake of negotiating the severance package with your employers yourself. It is in your best interest to play safe with the help of an attorney.

This way, you will be able to keep your emotions in check and handle the situation objectively to avoid further financial loss.

So, you will want to hire a lawyer and have them examine your severance package. The lawyer will be in the ideal position to let you know whether or not it is okay to move forward to the next steps and negotiate or even reject your severance package depending on your case.

The lawyer can help with negotiating your severance package. They will represent your interests and protect your legal rights. The lawyer’s job is to ensure that the legal agreement is according to employment law.

Also, the lawyer will go through the document with you so that you know what you are being offered. This way, the lawyer will help you fully understand the consequences and legal implications of signing the severance package.

Hiring a lawyer is your safest way of preventing any potential breaches that your employer might have caused.

When choosing a severance package lawyer, you should consider experience. Choose a lawyer who has handled many such cases before and has a successful record. Also, make sure to choose a well-reputed lawyer. You can do so by reading client reviews as a way to assess the attorney’s expertise and reputation.

More importantly, you will want to be able to understand and effectively communicate with your lawyer. So, make sure that your chosen severance package lawyer has effective communication skills. Your selection criteria should be based on the levels of responsiveness, reactiveness, and the ability to convey complex legal aspects with ease.

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