When your employer decides that it’s time to cut ties with you, whether through termination or forced retirement, you may be in a position to negotiate a severance package. But you don’t want to be taken by surprise. If you’re not prepared to discuss a severance package, though, then you’re employer might try to rush through the process and escape with as little of a payout as possible.
So, with that in mind, if you suspect that you’re employment is coming to an end, then you should carefully consider what kind of negotiation strategy is right for you.
Items to consider in developing your strategy
A severance package can include a lot of items, such additional pay, medical and dental benefits, retirement benefits, and stock options. So you’ll want to consider each of those components as you develop your strategy. You should also take into account the following:
- How long you have worked for your employer?
- What have been your contributions to the company?
- Can you put a monetary value on those contributions, such as if you generated a growth in profits or investments?
- What is the job market like for your position?
- How long do you expect it to take you to find a new position?
Once you have the answers to these questions, then you can develop your negotiation strategy. It’s probably best to ask for more pay in light of your contributions and the amount of time that it will take you to secure another position, but you can’t overlook the importance of fringe benefits, too. Stock options, for example, can prove to be much more lucrative than you expect and can end up costing your employer less than if it simply paid you additional compensation outright.
Know how to fight for what you deserve
Being forced out of your position is an uncomfortable and oftentimes contentious process. But regardless of the negative animosity surrounding the matter, you shouldn’t let your frustrations and your desire to move on drive you to accept less than you are worth. That’s why if you’re in this situation then it might be wise for you to work with an attorney who is experienced in this area and can help you fight for what you deserve.