Facing a layoff can be a challenging and uncertain time, but knowing how to negotiate your severance package can provide crucial support during your transition. For employees from companies like Cisco, Paramount, Stellantis, and others who are currently navigating layoffs, it is essential to understand some basics about severance pay and how you can advocate for yourself effectively.

What is Severance Pay for Layoffs?

Severance pay is a form of financial compensation given to employees who are laid off or terminated. Its purpose is to assist you during your job transition and to buy the company peace of mind that you will not sue for any potential issues related to your employment in the future. Typically, severance pay may include:

• A Lump Sum Payment: Often based on your length of service, role, and company policies.
• Continued Salary Payments: Periodic payments that extend for a specified duration after your departure.
• Additional Benefits: This might encompass extended health insurance, outplacement services, and job search assistance.

Understanding the basics of severance pay is crucial. A great reference guide with tips to navigate a layoff, refer to Indeed’s guide.

Is Negotiating a Severance Package Worth It?

Absolutely. Negotiating your severance package is a key step in ensuring that you receive the support you need. Here’s why it matters:

• Maximize Financial Support: Effective negotiation can secure additional financial resources, which may be necessary to buoy you as you search for your next opportunity. It may take longer than you expected to find employment.
• Secure Additional Benefits: Through negotiation, you might access extended health benefits or reimbursement for COBRA costs or outplacement services that can facilitate your transition.
• Acknowledge Your Value: Negotiation helps to ensure that your contributions to the company are recognized, which can be beneficial for your future career prospects.

Many employees accept the initial severance offer without question, potentially missing out on valuable support. By understanding your entitlements and industry standards, you can negotiate a more favorable package.

For more insights into the impact of layoffs, particularly in tech, which makes severance negotiations even more important, you can read this article on tech layoffs.

How Our Course Can Assist You

If you are feeling overwhelmed by the severance offer and the release your company is asking you to sign in exchange for the severance offer, our “Learn to Negotiate Severance” course will help break down the most common terms in the agreement and provide practical negotiation strategies. This course is designed to equip you with the knowledge and skills needed to approach severance discussions with confidence. Most importantly, it will teach you skills that will serve you will beyond this severance negotiation but will help you as you move forward in your next chapter.

Learn More About Our Course

If you’re ready to get some clarity, learn new skills, and advocate for yourself so that you can be your strongest self for the people you love, let me be your guide and register for the class.