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Before negotiating a severance package, it’s important
to talk to an attorney who specializes in employment law. This can help you better understand the terms
of your settlement and provide you with the best possible outcome. Here are a few tips to keep in mind before
you sign a severance agreement.
Severance Package Tips:
- At Will Employment – Most companies follow “at will” employment. This means that you can be let go at any time without reason. It is important to understand your contract and any agreements you have made with the company.
- Financial Outcomes – As an informal guideline, most employees receive two weeks of pay for every year they have worked at the company. However, this varies depending on the circumstances of your termination and your documented work performance.
- Review Your Work History – The overall picture of how well you performed your job can help determine whether or not you have a discrimination case. If so, you may have grounds for a settlement.
- Company Flexibility – You may be able to time your severance payment in order to maximize what you get in state unemployment benefits.
- References – What you agree to in your separation agreement can affect what is put in writing when future employers check into your work history.
