Being let go from your job is never easy, and if you’re a high-level executive in Sacramento, you’ll be letting go of a lot of human relationships, income and other perks of being in your position. Just because it can be an emotional experience, however, don’t forget to keep your wits about you when you’re negotiating your severance package. Here are few things you might want to keep in mind:
— Look at all the finances: Don’t just look at the number of months of pay you’re going to receive. Remember that you may also have unused vacation and sick days, and upcoming holidays that have value. Also, check your expenses that you may need to submit because this may be your last chance to do so. You may also want to consider the advantage of taking your severance as a lump sum payout versus taking it in monthly allotments.
— Calculate reimbursements: You may have other costs that you get reimbursed for, like a professional organization and association fees, or education credits and tuition reimbursements. Be sure to submit these to your employer as well.
— Medical benefits: You should the opportunity to have COBRA health insurance, to rollover your employee health benefits, but you may also want to ask your employer to continue to cover the premiums for that insurance for the length of your noncompete agreement.
These are just a few key things you’ll want to keep in mind when negotiating your severance package. There is a lot more that you’ll want to consider. By retaining a Sacramento employment law attorney, you can evaluate your options and negotiate the most appropriate executive compensation package considering your situation.
Source: Blue Steps, “The Severance Balloon,” Suzanne Garber, accessed April 28, 2017