How can I negotiate more severance?
Just like your salary, you should always negotiate severance pay.
- Step 1: Review your severance package carefully.
- Step 2: Negotiate more than just severance pay.
- Step 3: Lead with your accomplishments.
- Step 4: Keep up the momentum with your job search.
When should I ask for a severance package?
There are a number of key legal and economic issues that should be considered when negotiating an employment severance agreement. If you are over 40 years old and the company offers you a severance package, the company must give you at least 21 days to consider it and 7 days to revoke after you sign the package.
Can I ask for severance if I quit?
Quitting leaves you with very few options. You’ll have no paycheck while you search for a new job. Your employer won’t provide severance pay and you will usually be ineligible for unemployment compensation. You may want to seek out and negotiate an exit strategy with your employer.
How do you negotiate a retrenchment package?
The employee is in an especially favourable position to negotiate if it is a voluntary retrenchment process, in other words the employee is first given the choice to accept a severance package and therefore to be retrenched voluntarily. This usually happens before a forced retrenchment process begins.
How much severance should I get?
The severance pay offered is typically one to two weeks for every year worked but can be more. If the job loss will create an economic hardship, discuss this with your (former) employer. The general practice is to try to get four weeks of severance pay for each year worked.
Can you counter offer a severance package?
Because severance packages are generally not required by law, employers typically set the terms. So, if you ask for changes or make a counteroffer, that could be considered rejecting the package, and the offer may be withdrawn entirely.