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#CareerAdvice : #SeverancePackage -7 Considerations When You Negotiate #Severance . #MustRead !

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You would probably be suspicious if your boss asked to meet with you in the conference room after lunch. You know something is amiss when the head of human resources (HR) is sitting in. You’re probably on the way out.

That’s good advice, especially since what a company offers in severance can be made up of many parts, such as a lump-sum payment and outplacement. It’s also important as there’s no consensus on how much to pay or what to provide. In other words, there’s a lot of potential gray area.

  • Unless a contract covers you, most states classify you as an “at-will” employee, meaning your boss can fire you without a set reason and not be on the hook for any severance pay.
  • The rule of thumb that applies to severance packages—two weeks’ pay for every year of employment—turns out to be a rough average.
  • It helps to determine what you can ask for during negotiations and what is off limits.

What your final payments will be should fall within a wide range. And there is a lot of ground to cover in negotiations beyond your last paycheck. There are seven key things you should know if you are ever terminated from a position.

1. Know What Both Sides Are Seeking and Are Required to Do

Your employer has made it clear they don’t need you for whatever reason. Unless a contract covers you, most states classify you as an “at-will” employee, meaning your boss can fire you without a set reason and not be on the hook for any severance pay. You may have even signed a document confirming that point when you were hired.

Remember that the company wants closure, and for good reason. Your separation agreement signature is worth money because it potentially limits the number of legal issues you, the fired or downsized employee, might pursue. Less hassle now and in the future means fewer billable hours for the company’s legal counsel. You get the picture.

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2. There’s a Range of Financial Outcomes

If you’re a top executive, the terms of what you’ll pocket when you pack up are typically spelled out in your employment contract. For everyone else, from upper-level management down the corporate ranks, things are likely not so clear.

That’s where informal guidelines come into play. The rule of thumb that applies to severance packages—two weeks’ pay for every year of employment—turns out to be a rough average. In practice, it ranges between one to four weeks depending on circumstances, says Jeffrey M. Landes, a lawyer in the labor and employment practice of the New York firm Epstein Becker & Green.

3. How Much You Get Depends on Several Factors

As far as severance goes, your tenure on the job is just one of several considerations. If you’re fired because your boss feels you didn’t measure up, it’s likely to be on the lower end of the scale. If your company was bought out and forced to shed jobs, you might find your boss wants to be more generous. Ask yourself the following questions:

  • How well did you perform and how well is it documented? The better your evaluations and the more popular you are, the more likely that an employer will carve out more severance pay.
  • What triggered your dismissal? If the circumstances behind your termination are out of your company’s hands—downsizing as the result of a merger or the axing of an obsolete division—terms are likely to be more generous.
  • Has your company been lax about tracking your performance? Your company is likely to weigh its legal vulnerability. If you were fired for under-performance, you might gain leverage if your evaluations are unclear or seem to point to good work.

4. Review Your Work History—Closely

Miriam F. Clark, a partner at the New York employment-law firm Ritz Clark & Ben-Asher, says one of the first things to examine with a lawyer are documents that chart your history at the company and how well you performed your job. The overall picture will help determine whether you have a discrimination case to pursue. If you have grounds for action, there’s potentially a court award or settlement in your future. At the very least—if there’s a scent of something awry—you’ve got additional leverage in severance negotiations.

5. Know Where Your Company Has Flexibility

It helps to determine what you can ask for during negotiations and what is off limits. Some things your company can negotiate and others are outside your boss’ control. First, there’s the law to consider. The law in Ohio, for instance, requires compensation for the accrued vacation. That’s because it is considered a deferred payment for a benefit you’ve earned, says Cleveland attorney Jon Hyman.

Similarly, your company will probably have little or no leeway when it comes to employee benefits. Insurance carriers determine healthcare and insurance coverage, not your employer. You can stay on the company health plan for up to 18 months under COBRA law, but you’ll likely pay a steep price for the privilege. Your disability coverage through the company, meanwhile, is likely to end when your employment does.

You can request that your employer boost your severance package to help foot the bill for COBRA coverage or the initial cost of disability insurance.

Some employees may be able to negotiate to delay the formal date of their separation from the company to accommodate benefits issues, such as reaching a pension deadline.

Consider a few other possibilities, as well. For example, it’s not uncommon for employees to ask for the sum of money employers might have earmarked for outplacement services, says Clark.

Landes says that another talking point is the timing of your severance payment to maximize what you get in state unemployment benefits. Delaying the receipt of severance for one month may prevent receiving lower unemployment benefits, for example.

6. Tap Into Relationships

Relationships can matter during severance negotiations, too. There are times when employees themselves handle some of the face-to-face haggling over severance terms instead of bringing in an attorney. Those cases are more common when employees have a close relationship with a boss or someone else on the other side of the table.

7. Remember the Future

Hammering out the best terms in your separation agreement goes beyond money—what you agree to can affect your long-term career. Future job references are also something to take up before you sign off. Your separation-agreement negotiations can address what’s put in writing when prospective employers check into your work history. They can also spell out who provides a reference and what information can be shared over the telephone as well. That’s especially important if you’ve bounced around a few jobs or had an ongoing spat with a supervisor.

There are also likely to be provisions that require you to keep mum about why you’re leaving and the terms you struck on the way out. If you find the limitations too stifling, you may push back and change them during talks. For instance, you may want to carve out exceptions to cover speaking with your spouse and kids about what happened.

The Bottom Line

In the end, stay objective and focused. While combing through the finer points of a separation agreement can be a painful exercise, they’re an essential step in getting back on track. A clear mind and sharp focus can help you close the past, secure the present, and pave the way to a brighter future. Above all, remember you’ll be in shock at that first meeting, even if it’s not a complete surprise. Don’t sign anything immediately. And try to talk to an attorney who specializes in employment law before you do sign something.

 

Investopedia.com |  Updated Jul 6, 2019 | BY JAMES ANDERSON

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Your #Career : 14 things to Do as Soon you Realize you’re About to be Fired…Most People are Shocked when they Hear the Words “You’re Fired” Come Out of their Boss’s Mouth. They’re Blindsided by the News Because They didn’t Have their Eyes Open — or Perhaps they Just Chose to Ignore the Signs.

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But the savviest professionals always keep an eye out for the classic signs that their job is in danger. This way, if and when they notice red flags popping up, they can attempt to turn the tides before it’s too late, says Lynn Taylor, a national workplace expert and the author of “Tame Your Terrible Office Tyrant: How to Manage Childish Boss Behavior and Thrive in Your Job.”

Man Fired

 

Don’t panic.

Here’s what to do as soon as you realize you’re about to get the boot. These tips may not save you from getting fired — but they just might help:

Ask your boss for honest feedback.

“Even it’s not what you want to hear, not knowing is worse than knowing,” says Kerr.

Take note of what needs to change, adds Taylor. “Submit an action plan and timeline to your boss and get their sign-off. Don’t be afraid to ask questions, and don’t be defensive. Stay in contact with your manager and set up regular status check-in meetings for the future.”

Don’t trust everything your boss says.

It’s definitely worth talking to your boss, but remember that they may not give you an honest answer about whether your job is on the line.

Take whatever they say with a grain of salt.

 

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Don’t panic.

If you think you’re about to be fired, it’s natural to freak out. “But remember that firing signs can also be false reads,” Taylor says. “Sometimes rumors spread like wildfire, disrupting departments until you bravely approach your boss.”

Before you draw any wild conclusions and begin to drive yourself crazy, talk to your boss. “Don’t consult other employees for any insight into your future; go straight to the source to get a read on your performance,” she suggests.

Initiate a conversation in a neutral setting with your boss.

This is the perfect opportunity to raise your concerns, ask questions, and to see if there is anything you can or should be doing to help improve the chances of you retaining your position, advises Michael Kerr, an international business speaker and author of “The Humor Advantage.”

“Come with an open mind, and with constructive suggestions. Be open to exploring creative options such as lateral transfers. Offer to help out during this time of transition. Maintaining the perspective that you care about the company and want to do what’s best for the company will help you score points in the eyes of senior leaders.”

 

Do your best work possible.

Try not to be distracted by negativity, as hard as that might be. “Focus on performing to the best of your ability,” says Taylor. “That is the strongest form of job security you have.”

 

Step up your game.

In addition to doing your best work, you’ll also want to step up your game in other ways.

“Now is definitely the time take extra initiative,” Kerr says. “Offer more input than normal. Volunteer for extra duties and roles. Demonstrate that you truly are a team player. Even if a layoff is imminent, maintain a respectful and professional demeanor so that you can leave with your head held high and knowing that you’ll get a positive referral from your boss.”

Taylor also suggests putting in a few extra hours each week to show that you’re dedicated. “It’s harder for managers to let go of people who show commitment.”

 

Keep your boss and others in the loop.

Let those you report to know the status of your projects on a regular basis, says Taylor. “Also offer next steps and ask for feedback regularly.”

Brush up on necessary skills.

If you feel you could advance your cause by taking a course, now may be a good time. “Perhaps not having a competitive skill set has held you back,” says Taylor. “If nothing else, this will be an asset for your future marketability.”

 

Get stronger (mentally and physically).

View this challenge as a time to gain a stronger physical and mental mindset, says Taylor.

“Sometimes facing obstacles can be the moment of a complete turnaround and catapult you to a new level of success. It may or may not be at this company, but you can give it your best shot by being on the top of your game.

“Make sure you’re working out, eating right, and getting enough sleep. You want to produce solid results and make wise decisions, so give yourself the best odds.”

 

Document everything.

Keeping an electronic file of your work and correspondence is a good policy regardless of your status at your job, says Taylor. “It can come in handy if you have a boss with no legitimate reason to fire you,” she explains. “Also keep kudos that have accumulated from managers, clients, colleagues, business associates, and vendors. You will be well-prepared should you need to refute a poor evaluation.”

Robert Dilenschneider, author of “50 Plus!: Critical Career Decisions for the Rest of Your Life,” agrees. “I would advise you to document everything. Often a company wants to push someone out rather than fire them and have to pay severance or unemployment benefits. If you have a contract that stipulates what you will receive if you are fired, tough it out and don’t quit.”

 

Stay visible.

“Contrary to what some may think, if you feel your job is at risk, you won’t want to fade from view,” says Taylor. Rather than trying to fly under the radar, do whatever you can to stay visible and active at your company.

“Volunteer for projects, help others, make visits, and stay aware,” she says. “Externally, become active on LinkedIn and in the business community — and consider blogging for online industry publications.”

 

Never assume you are safe.

Even if you take all these steps, don’t assume you’re safe.

“Make sure your résumé is up to date,” suggests Kerr. “Take advantage of training opportunities that might still be available that would help bolster your chances of getting a new job if the worst comes to pass.

“Plan your finances; consider the range of options available to you and talk to your spouse so it doesn’t come as a complete shock if and when a layoff happens.”

And, he says, embrace the notion that many of the most successful people on the planet were once fired from their jobs. Maintain the perspective that this can mean a whole new and exciting chapter for you and use it as motivation to move on to something bigger and better and even to pursue a dream you’ve previously sidelined.”

 

Start working on your résumé and looking for references.

If there’s a chance you’ll soon lose your job, you’d be wise to begin working on your résumé and visiting job boards … just in case.

Also, begin to feel out if anyone you work with would be able to give you a good reference. “It doesn’t have to be your immediate supervisor,” says Dilenschneider. “It could be someone you have worked with for many years who is willing to support you when you start looking for a new job.”

But tread carefully. If your employer finds out you’re on the search for a new job, they may see you as a flight risk, which could be bad if they weren’t planning on firing you in the first place.

Decide if the job is worth fighting for.

If you know you’re doing a good job but are unhappy, don’t waste all your energy on convincing your employer not to fire you.

“It may be hard to imagine now, but if this is the case, you may well come to thank the employer for your parting of the ways,” says Taylor. “Take this opportunity to re-evaluate if you’re on the right career path. Take note of your true passion and skill sets, and visit your favorite job boards.”

 

Businessinsider.com | March 23, 2016 |