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3 tips for getting a fair severance package
Numerous employees in Arizona have been affected by their employer’s decision to downsize. Facing a layoff is frightening. When you have your family to provide for and bills to pay, you are likely worried about what the future will hold.
While you may not be able to keep your job, you can be smart about the way you handle the severance package your employer offers you. With the right approach, and an advocate on your side, it is possible to secure a severance agreement that ensures your immediate financial security and leaves future opportunities open.
If you are facing a situation in which you may be offered a severance package or have already been offered a severance package, consider the following tips to make sure you get a fair deal:
- Read carefully before signing. When your employer hands you a severance package agreement, do not sign it immediately. Most employers will allow you a few weeks to review a proposed severance agreement. A careful review of the agreement will give you time to catch any red flags or look for opportunities to seek a better offer.
- Negotiate for a better deal. The first severance package you are offered does not have to be the one you take. In fact, it can work in your favor to push for a better deal. For example, if your employer includes a noncompete clause in your agreement, consider seeking a higher monetary payout. It is likely that your company has some wiggle room, especially if you have been an employee for a long time.
- Talk to a lawyer. A lawyer will know what to look for when reviewing your severance package. They can help explain your rights, including what is fair based on your situation, and negotiate directly with your employer on your behalf. Having a lawyer on your side can also help ensure your employer takes you seriously as you enter into negotiations.