Tuesday, November 28, 2023
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How To Negotiate A Severance Package

Being severed from a job you love is always devastating. Alongside the financial concerns you’ll be facing, you’ll also be wondering if you’ll ever find a job that was so perfect for you. Even if you didn’t love the job, you probably relied on the funds, making your job loss a hard pill to swallow.

The good news is that you can get severance pay. This is a payment to cover your final hours worked, unused vacation time, notice pay, and even a leaving bonus.  However, before you accept your employer’s ‘generous’ offer, you should speak to these specialist employment lawyers Melbourne. They’ll ensure that all due processes are followed when terminating your employment. They can also help you to negotiate a better severance package!

Don’t Sign Straight Away

In most situations, you’ll have three weeks to sign the papers and accept the severance pay package. It may not seem like you have any other option but you still shouldn’t sign the papers straight away.

Instead, take the package details with you, it will allow you and your employment lawyer to study them. More importantly, it will keep your employer on their toes.

Check The Number of Severances

There are rules regarding the number of severances an employer can complete at the same time. If you’re part of a group of people and there are more than 50 of you, then you need 60 days notice by law.

Ask your employer for it, they’ll give you the 60-day notice and the pay that goes with it. If they don’t they can be sued and they don’t want that!

Prepare Your Counter Offer

Take some time thinking about what you feel is an appropriate offer. Again, your employment lawyer can help with this. A company doesn’t expect you to take the first severance package, although they are happy if you do.

The key is to remember that the company wants you to leave quietly and not sue them. By questioning the severance package you’ll automatically be encouraging them to increase their offer.

Add-In Bonuses

If you’ve had a regular bonus every year then tell your employer that you expect it pro-rata for this year. Don’t forget that the longer you’ve worked for the company the more you should be entitled to.

Know Your Limits

Unless you’re about to retire you’re not going to get a severance package that prevents you from ever working again. But, you can think about realistic timescales to find a new job and your costs in the meantime. This will help you to understand the amount of funds you need and whether you can get a severance package that will match your needs.

Speaking to a professional is essential to ensure you get the best possible package. It also ensures you take the time to breathe before entering severance pay negotiations.

Your employer expects you to negotiate, they will pay extra for you to go quietly, all you have to do is be prepared to ask and have a sensible offer in mind.

Syandita Malakar
Syandita Malakar
Hi guys this is Syandita. I started Business Module Hub to help you all to post updated articles on technologies, gadgets. Although I love to write about travel, food, fashion and so on. I quite love reading the articles of Business Module Hub it always update me about the new technologies and the inventions. Hope you will find Business Module Hub interesting in various way and help you accordingly. Keep blogging and stay connected....!
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