How to Navigate Severance Negotiations During Layoffs

The job market is incredibly challenging right now. The last five clients I've signed have been part of a layoff. It's truly brutal out there. While I've previously posted about how to protect yourself before layoffs (please get your project data), it's also crucial to understand how to handle severance negotiations.

The discrepancy in severance packages can be shocking—one client received 26 weeks of severance, while another only got 2 weeks. (Most are somewhere in between.)

Two weeks is simply not enough to find a new, suitable job in this market.

What Can You Do? Be Proactive.

➡ Update Your Resume and LinkedIn Profile

➡ Build and Maintain Your Network

➡ Understand Company Policies

➡ Build an emergency fund

➡ Invest in learning new skills or certifications

Effective Severance Negotiation

➡Research Standard Practices: Understand what is standard in your industry and region for severance packages. Use this information to benchmark your negotiations.

➡Document Your Contributions: Keep a record of your achievements, metrics, and any value you’ve added to the company. Use this to support your case for a better severance package.

➡Engage in Open Dialogue: Approach your HR department to discuss severance policies proactively. Inquire about how severance is determined and express your concerns respectfully.

➡Seek Legal Advice: Consult an employment lawyer to review your severance offer.

Consider Non-Monetary Benefits:

➡Negotiate for extended health benefits, outplacement services, or job search assistance.

➡Negotiate Notice Periods: If a layoff is imminent, request a longer notice period to give yourself more time to find a new job. Use this time to actively search for new opportunities and leverage your network.

Remember, preparation is key, and being informed empowers you to advocate for what you deserve.

Stay strong and proactive!