Severance Packages: Negotiating a Big Pay Day on Your Last Day

Last Day on Job

Last Day on JobYou’re entitled to a severance package, whether you lost your job or moving on to another one. More than that, you deserve to receive compensation based on your services. Retiree or not, that money will be of good use for your future. It’s not something that should worry you while you work, but if there’s reasonable doubt about your job security, it’s time to think about it.

Nonetheless, nothing stops you from planning. If you do, make sure to spend time with the company’s severance policy. Once you have the basics down, retain the services of a lawyer, as per Miller & Steiert. It doesn’t matter if you’re expecting the ax or not, sort your needs just in case.

Worried About It Now

If you recently lost your job and thought about your severance pay afterwards, it’s not yet late. But you do need to act fast to prevent some permanent decisions. You only have 21 days to accept the contract. The best thing to do, before seeking legal help, is jotting down the details of the agreement.

It’s easier if it’s just about money. With an attorney by your side, you can legally justify your cause and attain some form of success. As with many things, it’s not always as simple as that. Discrimination is entirely possible and underlying, which you won’t be able to determine without introspection and ample guidance. Lawyers are sure to have knowledge of how prejudice occurs, and from the details you jotted down, they can determine if it existed.

The Bottom Line

Companies aren’t actually required to provide severance pay, but they still do because they have an interest in keeping former employees happy. Clauses also vary from industry to industry. So, if you ask your nurse friend about his layoff payoff, don’t expect it to be the same with yours.

Furthermore, it’s likelier for fewer employees to negotiate a bigger severance package. It’s a little harder in a mass layoff, as the employers are staunch on sticking to the contract.

There’s no guarantee as to what you can get in severance pay. It’s wise to retain reason throughout the mediation, so as not to disturb the “vibe.” Know the limit, and you’ll be able to curb your expectations and actually get what you deserve.