Losing one’s job is always somewhat traumatic, but you can minimize the upset if you have a plan for negotiating the terms for a severance package.
In an article by Deborah Acosta, she offers a number of suggestions for becoming a wise negotiator and coming away with a stronger package.
She suggests that you negotiate with the person who has the power and the inclination to help you. It also matters how long you’ve been with your employer and what your contributions have been. You should also look at your personal situation and analyze how much the job loss will hurt your personal situation.
Here are some key options to request when negotiating a severance package:
- Ask for more money than they offered or you can ask for it to be paid in installments so that you have income while you’re looking for your next job.
- Request to accelerate the vesting period of your stock options or ask for them to vest after you leave.
- If you are concerned about your health insurance, you could ask your employer to cover your health insurance until you are re-employed.
- Have a clause in your package about how your employer will describe your term of employment if asked for references about you. Some employees ask to write their own references.
- Ask for job placement services such as career counseling or help with your resume.
If you would like coaching about negotiating your severance package, please contact Judi Lansky at jlansky@lanskycareerconsultants.com or visit ourcontact page.
