6 Tricks to Negotiate for a Better Severance Package

Nothing can be heartbreaking than receiving a termination letter. Unfortunately, most people are quick to make decisions when they are served with a termination letter. It is wise to take a few days to figure out the steps to take before signing a severance package. Severance packages aren’t legal documents, so both parties are allowed to negotiate. However, it can be challenging for an unskilled worker to use a severance calculator, let alone negotiate termination terms with an employer. But below are a few proven tricks to help you get the best severance deal.

1. Hone Your Interpersonal Skills

One way to stand out during a tough negotiation session is to have patience and maintain good working relationships. You should also be able to persuade others without prejudice.

2. Be a Problem Solver

Be sure to look at all sides of the agreement before appending your signature. Don’t just focus on your benefits. Instead, focus on the best way to suit both parties without compromise. Visit Levitt LLP for more information and resources.

3. Ask How Payment Will Be Made

Severance payment is calculated based on the accrued travel mileage, annual leave, and your years of continued service. It makes sense for someone who has been an integral part of a company to negotiate for a higher payout. Workers are free to make a personal plea and suggest how they would want their termination done.

4. Make Sure the Other Party is Ethical and Trustworthy

Never sign a severance packaged until the other party guarantees to honor its promises. If you are doubtful, ask a third party to be a witness during negotiations.

5. Negotiate Your Medical Insurance

Health cover can be a costly expense for an individual. As such, worker can ask if their company can continue paying its share of medical insurance for the period in which they will be searching for a new job. The easiest way to do this is to ask the employer to spread out the severance cost as salary continuation.

6. Ask For a Detailed Reference Letter

Most companies provide their former employees with just the bare minimum reference info, including employment dates and job title. However, a worker can ask his or her supervisor or manager to draft them a detailed reference letter to increase their chances of securing another job. It would be an excellent idea if it wasn’t mass lay off. Severance packages can vary depending on individual needs. Thus, it is upon you to negotiate for a package that best suits your needs. Being laid off can be stressful, but workers can negotiate the terms of their termination to suit them before they find a new employer. The benefits of negotiating for better terms outweighs the stress and hassle of finding a severance calculator online or offline.