Being offered a severance package often comes as a result of an unexpected layoff or job termination. While severance packages are not required by law, they can offer a financial buffer and some stability during your transition to a new job. However, simply accepting the first offer from your employer might not always be in your best interest.
It is important to approach the negotiation process strategically and to understand your rights, especially if you believe the termination was unlawful. Consulting with an unlawful termination attorney can be key to ensuring you maximize your severance benefits.
Understand Your Severance Offer
The first step in any severance negotiation is to fully understand the terms of the offer. A typical severance package might include:
- Financial compensation
- Continuation of health benefits
- Other perks such as outplacement services
However, employers may also include clauses that limit your ability to pursue future legal claims or file lawsuits against the company. It is crucial to carefully review all the details of the package and determine if the terms are in your favor.
An unlawful termination attorney can help you evaluate the offer and identify any red flags. If you feel that your termination may have been discriminatory or retaliatory in nature, this could greatly impact your approach to negotiations. You may be entitled to more than what your employer initially offers, especially if the company is attempting to avoid liability for wrongful termination.
Do Your Research
Before entering negotiations, it’s essential to conduct research. Find out what severance packages are typically offered in your industry, at your company, and to employees in similar roles. Knowing the customary severance benefits can provide you with a baseline and ensure that your employer’s offer is reasonable.
An unlawful termination attorney can assist you in this process especially if you suspect any legal violations in your dismissal. This will give you a stronger position when negotiating for better terms.
Leverage Your Contributions and Tenure
A strong argument for a higher severance package can often be made by highlighting your contributions to the company. If you’ve consistently exceeded performance goals, taken on leadership roles, or made significant contributions, these accomplishments can be used to justify a better severance offer.
Additionally, the length of time you have been with the company can play a role. Employees who have dedicated years of service may have more leverage in asking for a higher severance amount.
Employers may want to avoid negative press or legal battles over termination claims, especially if there are possible grounds for a lawsuit. If you believe your termination was unlawful or retaliatory, this can be a powerful bargaining tool. Consulting with an unlawful termination attorney can help you develop a clear strategy for using your accomplishments and your legal rights to secure a better severance package.
Evaluate the Non-Monetary Benefits
While most employees focus on the monetary aspects of a severance package, there are often valuable non-monetary benefits to consider. For example:
- Extending health benefits through COBRA
- Negotiating for stock options or retirement benefits
- Securing positive references
- Getting assistance with finding a new job
These can add significant value to your severance agreement. In some cases, negotiating for positive references or assistance with finding a new job can be even more important than the severance pay itself.
Carefully consider how these aspects may affect your future employment opportunities. If you’re unsure of what non-monetary benefits you should prioritize, discussing the details with an unlawful termination attorney can provide clarity and help ensure that your severance package is comprehensive.
Get Legal Advice
The most important tip for negotiating a severance package is to seek legal advice. If you believe your termination was wrongful, or if the severance agreement contains clauses that limit your future rights, an unlawful termination attorney can guide you through the process. In many cases, employers may offer a more favorable package when faced with the possibility of a lawsuit.
Conclusion
Negotiating a severance package can be a complex process, but with the right strategy, you can secure a better outcome. By fully understanding the offer, leveraging your contributions, considering non-monetary benefits, and seeking legal advice from an unlawful termination attorney, you can increase your chances of maximizing your severance pay and ensuring a smooth transition after your termination.