Are You Asking for Enough When Negotiating Your Severance?
Fox news will allegedly give ex-employee Bill O’ Reilly up to $25 million after firing him amid multiple harassment claims. They also gave ex-CEO Roger Ailes 40 million after he left after harassment charges as well. These severance payments may seem excessive, but their employee contracts promised a full years pay. Severance packages will not apply to most employees, but if you have one in your employment contract, the employer must legally abide to the terms in it. Negotiating your severance package can seem intimidating, and it is an easy situation to leave the job with less than you should have received. Keep reading below for some severance negotiation tactics.
What to Ask Yourself When Negotiating Your Severance
- Should I wait to sign? Waiting to sign a severance agreement is a good plan to see if you can negotiate a better plan in due time. Also, avoiding cashing checks with severance pay is a good idea, because cashing one could mean that you have agreed to the terms in the severance agreement.
- How much should I ask for? How long you were employed at the company, how important your position was to them, how long one can be expected to be unemployed in the current job market, and how long you need to update skills to apply for others jobs are all factors to consider when asking for more money.