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Hundreds of Thousands of Layoffs: How to Negotiate a Better Severance Package Without Burning Bridges
Date: 03/29/2009 “Getting laid off is rarely something you can control. But what you can control is how you leave a company — and, most importantly, the size and terms of your severance package.” Kirk Nemer Kirk Nemer, J.D., SPHR Severance Plans Face Squeeze Amid Scramble to Preserve Cash is the title of a recent Wall Street Journal article by Sarah Needleman: "Some 20% of companies polled in December by Hewitt Associates Inc., said they plan to change severance policies and 31% are considering such a move," she writes. "Hewitt's survey found that 43% of firms planning severance-policy changes expect to reduce cash payments, while 21% intend to trim other benefits. Similarly, a survey conducted earlier this year by Hay Group Inc., shows that 61% of employers planning or considering changes aim to do so by downgrading their offerings to laid-off workers." Welcome to a Big Picture Channel podcast on Total Picture Radio with Peter Clayton reporting. Kirk Nemer is CEO of Career Protection — an employment attorney who specializes in employment and severance agreements, and has been negotiating them for the past 21 years. As we all know, highly skilled and professional employees across the U.S. are being laid off in droves. It seems everyday another major company announces another several thousand staff cuts. In January, nearly 240,000 workers received pink slips, according to the U.S. Bureau of Labor Statistics' mass layoff data, which tracks instances in which companies lay off 50 or more employees--a nearly 60% increase from a year-ago. The number of jobless Americans rose to 12.5 million in February, pushing the unemployment rate to 8.1%, up from 7.6% in January, the Labor Department said -- the highest in 26 years. Talking Points How does an employee begin to negotiate a severance package in this environment? So if you are laid off, how can you make sure you get the best severance package? One thing we discussed the last time you were on the show... your company will try to get you to sign a severance agreement immediately. What's your advice? The Severance Agreement states that employees should seek advice and consult an attorney—should they?? You have an interesting article on your website called The 8 Biggest Severance Package Mistakes. I'd like you to respond to a couple of these... "I'm an at-will employee so I cannot get severance pay". "My company is bankrupt or is being acquired, so no severance pay". Unemployment Benefits: How does Severance Pay affect unemployment compensation? Can you explain to our listeners the WARN Act? If someone listening to our show want's to discuss their situation with your firm, how much does an initial consultation cost? Foneshow does not charge for this service, but standard or other charges may apply from your carrier. Please check your plan to make sure. To stop receiving text messages at anytime, text STOP to 80676. For help, text HELP to 80676 or email support@4info.net. |
