When you lose your job, you may be concerned that you won’t be able to afford to pay your bills while you search for a new position. Luckily, for many people, a severance package will serve to keep you afloat while you find your new footing. A severance package is a monetary settlement that a company provides to an employee who has been terminated. Sometimes a severance package is based upon how much you made with the company, while other times it is standard for every employee who has been terminated.
Severance Packages May Be Negotiable
In the midst of gratitude for receiving this sum of money, many people fail to understand that the first offer for severance may be open to negotiation you may, in fact, be able to secure a larger settlement.
While severance packages are not required of employers, they have become customary for most businesses. Severance packages may also serve as consideration to indemnify the company at the time that the employee is terminated.
What Should You Do After Receiving a Severance Package?
When you receive a severance package, it’s important that you have a third party take a look at it. An employment attorney can help determine whether the severance is adequate considering your time with the employer, your years of experience, and other factors. It’s also important that you understand what you must provide in exchange for the severance; your rights and your responsibilities.
What if You’re Not Offered a Severance Package?
Even if you aren’t offered a severance package upon your termination, you may be able to acquire one. One of the best things that you can do is attempt to negotiate the terms of your termination prior to being terminated. The best time to negotiate a severance package is when you are hired. If you should have been entitled to different things during your tenure but never received them, you may be better able to negotiate your severance package.
Your employer may attempt to convince you that your severance package is non-negotiable – however, this is just not true. That’s why it’s always in your best interest to discuss your employment contract with an employment attorney prior to accepting a position. He or she will not only look at your severance package, but also the terms and clauses contained within your contract to be sure that you are being treated fairly.
The IL Employment Law Attorneys at ST Legal Group Can Help
If you have been offered a job position, it’s in your best interest to have a knowledgeable and experienced employment attorney review it – including any severance packages offered. A qualified Illinois employment law attorney can help you to fight for what you deserve. The qualified attorneys at ST Legal Group can help to protect your employment rights. To learn more, or to schedule a consultation, contact us today!