Many Texas residents might not think to negotiate their severance package after a termination. The rush of emotions or shock of being fired might keep people from thinking clearly, and they’ll sign whatever’s put in front of them.
Many employers will voluntarily give a window in which the paperwork has to be signed, ranging from a few days to a week or more. It’s important to take all of the time you’re offered to think about the severance package and review your options.
What should be in your severance
Your severance package will usually include one month’s salary. You’ll also be told when your health insurance or other benefits expire. Your severance might also include more or less money based on your position and reasons for termination.
It can help review your offer letter to ensure all your benefits are addressed. If you accrue Paid Time Off (PTO) you may be entitled to that in your severance package. If there was a bonus around the corner that you’re owed based on your performance, you should check to see if it’s included in your severance.
Take things into consideration
You can go back to evaluations and reviews to understand your time with this company and see if you have any leverage. Some Texas residents might also consider getting professional legal help before signing their severance package.
Some companies won’t be willing to negotiate. If a certain condition of the severance package would do long-term damage to your career, you can choose to walk away completely.
While losing your job can hurt, these negotiations are an opportunity to take control of the situation. By staying calm and reasonable through the process, you can set yourself up for a better future – away from that company.