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Severance plans make sense for rank-and-file

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in Employee Benefits Program,Human Resources

As you dust off the recruiting and retention plans that will keep your organization humming post-recession, you might want to take a look at your severance packages for rank-and-file employees.

Your company probably negotiates severance pay with executives on a case-by-case basis, so those packages are always changing. But a new study reveals that for the rest of the staff, severance offers have changed little since before the recession. And although some 8 million Americans lost their jobs during the downturn, HR pros are spending less time reviewing their companies’ exit strategies now than they were just two years ago.

The study, by HR association WorldatWork, reveals:

  • Organizations pay about the same severance now as they did in 2009.
  • Most companies offer one or two weeks of severance pay per year of service.

The report, “Severance and Change-in-Control Plans,” also notes that layoffs have tapered off substantially sin...(register to read more)

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