Imagine you wake up, and the first thing you see is your boss’s text asking you to meet them first thing when you arrive at the office. When you enter their room, the only person you see is the head of human resources, which is almost never good news. You learn that you are being laid off, and they want you to sign a severance package document.
A severance package is an amount people receive when they have to leave their jobs unwillingly. Severance packages vary in length, amount of pay, and benefits given. If you have been offered one, it is important to take your time and think about your options. An attorney can help you navigate the performance improvement plan(PIP).
How to secure the severance package you deserve
Prepare a strategy.
Do not go in without creating an effective plan of action. Having a plan does not only include how you will leave your current job but also how you will find new employment opportunities. To do this, you must gather certain pieces of information, such as your tenure with the company, your contributions made to the company, etc. It is also important to estimate the approximate time required to find a new job.
Understand what a severance package includes.
If you are one of those who confused a severance package with a severance pay, think again. Here are some important components you should know of:
- Severance pay: Amount of money given to an employee being laid off by the company which usually ranges between six months to a year of pay.
- Paid time off: If your company provides paid time off, such as sick leaves, you may be able to get compensated for them.
- Benefits: Companies may offer benefits, such as medical insurance, even after being terminated.
- Non-disclosure agreement: NDAs may contain extreme conditions that you may not agree with. Do not forget to go through each clause thoroughly to avoid getting into something weird or bad.
- Ask for professional help if needed.
You may think you are all alone in this decision, but you do not have to. While it is true that lawyers do not come for cheap, you should really consider hiring one if you constantly find yourself being confused with the legal language in the documents. It is definitely worth investing in a professional who knows the ins and outs of the process.
Losing your job is the most terrible thing. But it only becomes worse when you make the wrong decisions. Hire an attorney today.