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 prolongs your benefits. Note that most state laws prohibit unemployment compensation while your salary continues.
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- Being placed on performance improvement plan isn't grounds to claim 'constructive discharge'
- Preparing for possible litigation
- Don't be afraid to fire insubordinate supervisor
- 6 Questions to Make Sure You're a Change Driver, Not a Passenger