How to Negotiate Severance Pay
Being let go from a job can be a massive shock for a lot of people. However, it is now becoming a routine matter since the economic conditions are forcing organisations to let go off employees, even those that they consider as assets.
In this situation, you will be offered a severance pay. You can negotiate this and get a better deal if you play your cards right. It can be done and is by no means is an impossible task.
Instructions
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1
Recover from Shock
It is very much possible that you will be in a state of shock at being let go. This is more likely to happen if you have been around for a long time in the organisation. Let the event sink in before you consider any such negotiation.
You may feel bitter which can make you angry during the negotiations, so let yourself calm down. When you reach that negotiation table, you should be feeling like its business as usual. -
2
Read the Offer Thoroughly
Read what is offered to you in terms of the pay. Also look to see if any perks are maintained even after you have been laid off?
See and analyse if these are good enough or do you want more? -
3
Initial Job Contract
See if your contract has any special clause for the severance pay. Then analyse if the offer is the same or better than what is offered in the contract. In some cases, it may actually not be as per the original agreement and will give you a bargaining chip. If it is not mentioned in your job contract, you will have a wider playing field. You can also read the employment manual which may have guidelines. -
4
Industry Standards
Also keep an eye on how much severance pay is being offered in the industry. This can help you in being able to negotiate a greater pay. -
5
Negotiate Patiently
Be patient when you are negotiating. Since you are going to be dealing with experts who do this every day, you need to be patient and careful. They may even take a jibe or two at you to make you angry, but try to remain patient. This is likely going to get you success in negotiations.
