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How to negotiate severance when facing termination

Your worst nightmare is coming true: You're losing your job in the near future. While it's never a good thing to hear that you're being terminated, it's also not the end of the world. There are several steps you can take to remain stable during this difficult time of your life.

If you have a severance package written into your employment contract, don't hesitate to discuss this with your HR department. It will give you a better idea of what to expect with respect to receiving compensation, while also making it known that this benefit is expected.

If you're interested in negotiating severance pay at the time of your termination, here are some tips to follow:

  • Don't wait: The moment you realize you're losing your job is the moment you should begin the negotiation process. The sooner you get this out on the table, the better chance you have of success.
  • Talk to an attorney: An employment law attorney can review your situation, answer your questions and help you decide how to best negotiate severance pay with your employer.
  • Ask for more: Even if your contract outlines how much severance you're set to receive, you can always ask for more. It never hurts to ask, and if you're realistic you may be able to secure some additional compensation.
  • Focus on more than money: Your immediate attention may turn to how much money you'll receive, but don't overlook the importance of other benefits such as health insurance. Also, you may be in position to receive compensation for unused personal and vacation time.
  • Follow-up: You expect your employer to do what they say, but don't assume this will be the case. You may need to follow up after your initial conversation to ensure that you receive the compensation that's due to you.

It's your hope that you never lose your job, but if you find yourself facing termination you need to take various steps to protect your legal rights.

Severance pay can go a long way in helping you recover from a job loss. Don't hesitate to negotiate with your employer, as you want to secure as much compensation as possible.

Visit our website and read our blog for more information and guidance pertaining to potential employment law issues in New Jersey.

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Costello & Mains, LLC

18000 Horizon Way, Suite 800
Mount Laurel, NJ 08054

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