As you prepare to negotiate your severance, consider these points:
Know the policy. A written company policy might set forth a severance formula based on how long you’ve worked there. That’s a starting point, but negotiate for more. Justify your request based on your stellar track record, rainmaking prowess in bringing in profitable accounts or willingness to stick with the company during downturns and previous layoffs.
Weigh lump-sum payment versus salary continuation. Some employers let you choose between these methods, so study which one’s best. Receiving a lump sum gives you immediate cash to pay bills, but staying on the payroll prolongs your benefits. Note that most state laws prohibit unemployment compensation while your salary continues.
- As the EEOC steps up ADA enforcement, it's time to review policies
- Require everyone to report harassment—you'll be justified firing those who don't
- Beware firing worker who sleeps with the enemy
- Orlando man tries to take bite out of Apple
- Review severance pact for clarity; define 'for cause' terminations