Workers have many reasons for leaving their jobs. For example, some find better opportunities elsewhere and appreciate their time at the company, allowing them to leave on good terms.
Others leave on poor terms, meaning they might be eligible for a severance package if they know how to negotiate a good deal for themselves. We explore how to negotiate a severance package without quitting and getting laid off instead.
Ways to Negotiate a Severance Package
Some employees are lucky enough to receive compensation when they leave their company. These packages are a legal obligation in many states to protect employees and employers from legal action since they are based on mutual agreements. Let’s explore some ways to negotiate a severance package.
Refer to Your Employee Handbook
One of the best ways to negotiate a severance package is by referring to your employee handbook and finding the relevant information on compensation and other benefits. This tactic will allow you to bring up the topic with your manager after reviewing the correct protocols for handling your exit from the company.
For example, many companies require workers to hand in their notice at least 2 to 4 weeks before their last day. If you have any days off that you didn’t claim that year, you may be entitled to extra compensation. If you were laid off abruptly or not given enough warning to make you question your job security, you will likely find this covered in the employee handbook.
Find Out Whether Your Company Offers Severance Packages to all Workers
If you’re looking to negotiate a severance package, it helps to know whether your company offers it in the first place. Many businesses provide compensation to their workers when they choose to leave the company. Many companies don’t offer compensation unless they’ve made a contractual blunder.
For example, employees getting laid off will likely be able to negotiate a severance package if they were not given at least two months’ notice beforehand. Under the W.A.R.N. Act, you can take legal action to force your employer to provide you with severance pay, especially if they already offer standard packages to everyone.
Make a Well-Formulated Request
If you’re getting laid off from work, you should come up with a list of reasons why you want a severance package and ask them to consider the relevant factors to offer you a good deal. Asking your coworkers for advice will inform you of the standard compensation packages offered to everyone, allowing you to build a good case for yourself.
Some factors you can use to bargain with your company include the years you’ve spent working for them, your performance, and any valid threats against them. It is best to approach the negotiation from a calm state of mind instead of letting rage dictate your actions.
Negotiating a severance package from your employer is possible by using your bargaining power to determine the payment amount and any benefits and perks you are liable to receive. You can also ask them to keep paying for certain things like gym memberships and offer you commissions and bonuses for a quota you’ve already met.
