Some employers announce that job positions are going to be phased out before the people holding those jobs are actually let go from them. When this happens, there is a chance that the person who is being terminated will be able to work out a severance agreement. These agreements are important for the employees because they can provide some measure of financial stability until they are able to find a new job.
If you are being terminated and are being offered a severance package, you need to think about the terms of the package carefully. In many cases, there is room for some negotiation about the points in the agreement. You have to decide what is important to you so that you can work toward terms that help you accomplish your goals.
We understand that this is a difficult time for you. The emotional impact of the situation might be great because you are not only losing a job, you are losing your personal investment in a company. You are losing the financial stability that you’ve worked hard to obtain.
When you are thinking about a severance package, you need to remember that these packages are often a way that an employer can thank you for being a loyal employee. They are usually based on the amount of time you have worked for the company.
If you have any questions about severance packages, such as if you are offered one that is different from what your employment contract stated, you need to get those answered. We can help you find answers and put a plan into place if your employer isn’t providing you with what is due you.