When you are dismissed from your role within a company, you may be able to negotiate your pay and benefits upon departure.
Many employees offer specific features to employees when they leave the company. As an employee, you have the right to negotiate the agreement with your employer. You may wish to get help from a severance pay lawyer if you feel that you are not getting the payment or financial benefits that you deserve.
What is a Severance Package?
A savage package is sometimes called a separation agreement. It is a legal agreement whereby an employer provides some form of compensation when an employee is let go.
Usually, a severance package is a gesture of goodwill that includes financial benefits such as payments and rewards to support the employee until they find another job.
Steps to Take When Negotiating a Severance Package
Here are some things to do to successfully and reasonably negotiate your severance pay upon leaving a job.
Speak to Your Employer
The first step should always be to speak to your employer. Ask to arrange a one-to-one meeting where you can go through what you expect in your severance package. This way, you will also be able to determine how much they are willing to compensate upon your departure from the company. Hopefully, you can negotiate your severance package and come to an agreement that you’re both happy with by the end of the meeting.
Read Everything Thoroughly
Severance packages are legal documents. For this reason, you must read every fine detail before signing. The severance package documentation will cover everything that your employer is expecting to give to you, including payments and benefits. If there is anything that you do not agree with, do not sign and instead speak to your employer to renegotiate.
When speaking to your employer about possible severance packages, make sure to document everything that is said in the consultation. This is going to cover you in case your employer goes against their word. Of course, nothing is set in stone until the papers are signed, but it is good practice to take notes of every interaction you have with your employer regarding the separation agreement in case you need to take legal action.
Most of the time, your employer is giving you a severance package out of goodwill. Make sure that you are reasonable in your requests. Take into account the work that you have done for them over the years and how much money you think you actually need to keep you going until you find another job. If you try to negotiate on reasonable payments and benefits in your severance package, you might be left disappointed.
Consult a Lawyer
If you have tried negotiating with your employer and seem to be getting nowhere, you may want to consult a severance pay lawyer who will be able to help you. Lawyers will know what to look out for in the paperwork and they will be able to give an expert opinion on how much compensation they feel that you deserve. If necessary, they can help you formulate a claim to take to court.