You're negotiating a severance package. What's the best way to ensure you get what you deserve?

1 Know your rights

Before you accept or reject a severance offer, you should know your legal rights and obligations. Depending on your contract, your employer may be required to pay you a certain amount of severance based on your salary, tenure, or position. You may also be entitled to other benefits, such as health insurance, retirement plan contributions, or stock options. On the other hand, you may have to agree to certain terms, such as not suing the company, not working for a competitor, or not disclosing confidential information. Read the severance agreement carefully and consult a lawyer if you have any doubts or questions.

2 Do your research

To negotiate a better severance package, you need to know what you're worth and what the market standard is. Research the average severance pay for your industry, role, and location, and compare it with your offer. You can also look for similar cases of layoffs or settlements in your company or sector, and use them as benchmarks. If you have any outstanding achievements, awards, or recognitions, highlight them as well. The more evidence you have to support your value, the stronger your position will be.

3 Be professional and respectful

Negotiating a severance package can be a stressful and emotional process, but you should always maintain a professional and respectful tone. Don't burn bridges, make threats, or act impulsively. Instead, express your gratitude for the opportunity and your appreciation for the offer, but also explain why you think it's insufficient or unfair. Focus on the facts and the benefits for both parties, and avoid personal attacks or accusations. Remember that you're dealing with people who may have influence over your future career, so don't ruin your reputation or relationship.

4 Ask for more than money

A severance package is not only about money, but also about other aspects that can affect your transition and well-being. For example, you can ask for more time to decide on the offer, more flexibility to use your paid leave, more assistance with finding a new job, or more support with continuing your education or training. You can also negotiate for non-monetary benefits, such as keeping your laptop, phone, or other equipment, getting a positive reference letter, or having a neutral reason for leaving on your record. Think about what matters most to you and what can help you move forward.

5 Be prepared to walk away

Sometimes, despite your best efforts, you may not be able to reach a satisfactory agreement with your employer. In that case, you have to be prepared to walk away from the offer and pursue other options. This may mean filing a lawsuit, applying for unemployment benefits, or looking for another source of income. However, before you take this step, you should weigh the pros and cons carefully and consider the risks and costs involved. You should also have a backup plan and a clear goal in mind. Don't settle for less than you deserve, but don't let pride or anger cloud your judgment.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?