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Severance perks improve in hot labor market

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Patrick DiDomenico

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in Centerpiece,Compensation and Benefits,Human Resources

With the national unemployment rate dropping to 3.6% this month, the lowest since 1969, employers are using every trick possible to lure and keep the best employees. One increasingly popular move: expanding severance packages to separated employees.

Among employers that offer severance packages, a full 44% of employers now offer those perks to all of their employees—a 6% increase from 2017, says a survey of 1,500 HR professionals by RiseSmart.

Reputation is a priority

“In a world where companies’ reputations affect their ability to hire and retain talent, organizations have to maintain a competitive edge at every stage of the employee journey—including upon separation,” says RiseSmart president Dan Davenport. “Severance is a great benefit because it also can help protect a company’s brand when layoffs are unavoidable.”

The survey found that corporate leaders are increasingly aware of the reputation (and r...(register to read more)

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