Negotiating severance pay.
Wright offers the following tips:
* Ask up front. The best time to negotiate severance is before accepting the job. Severance, like salary and benefits, should be decided at the time of hire and included in the job offer letter.
* Ask for more. Typical severance is one to two weeks' salary for every year of service. Review what the employer offers and consider asking for additional compensation that could include accrued vacation pay, outplacement counseling, extended health and life benefits, or the opportunity to buy employee-discounted stock options.
* Ask again before you accept. Even after receiving a pink slip and a severance offer, employees have one last chance to negotiate a package that will help compensate them for their income loss. Federal law gives affected employees 21 days to consider the offer before signing it, and after signing it, seven days to change their mind. Wright suggests, "[That] would be a good time to ask for all you can."--Marcia A. Reed-Woodard
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|Title Annotation:||ACTION PLAN|
|Date:||Mar 1, 2007|
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