There are many ways to say it: Laid off, fired, sacked, downsized, let go and terminated. When your relationship with your employer comes to a sudden end, the initial feeling may be shock, relief, and anger. However you feel, you need to keep a cool head to take care of things. The severance package is one thing that you must keep in mind.
Depending on the circumstances surrounding layoff, you may have legal recourse and rights when it comes down to severance. Human resources may make you an offer upon your exit interview, but don’t let the heat of the moment catch you off guard.
Companies rarely want to give away fair severance packages that reflect the employee’s years of service and dedication to their jobs. They are watching out for their own bottom line, not the welfare of terminated employees.
Before you sign anything, you should consult an expert who knows human resources and employment law inside and out. Many companies will want you to sign an exit agreement upon leaving, or offer you a low-ball figure for a severance package. Don’t accept it.
This is where a professional can come in and review the situation. There are rights that you have under the law. The company may owe you a severance package based on your original employment contract. There are benefits and insurance policies to consider. Consulting with a legal expert and having them on your side when you are negotiating a package can be a wise move on your part. You may even have to go into litigation to get what you deserve.