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Dear Steve & Jon, I am approaching a scheduled downsizing and will be offered outplacement and Cobra/coverage. What is negotiable in a severance package? Signed: Downsized |
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Dear Downsized, You may not be thinking positive thoughts about your soon-to-be-former employer, but your employer must think highly of you. Outplacement assistance can be expensive, and you definitely should take advantage of it – I can’t begin to list all help you will receive from these job search specialists. If your company also is covering your COBRA for a period of time, that too is a huge benefit. Regarding your specific question about what is negotiable, the answer is everything – and nothing. You can only negotiate once though, so plan in advance what you think is fair, and then ask. Companies are very image conscious and they want to have a good reputation, even when undergoing a layoff. |
Dear Downsized, The amount of severance pay can sometimes be increased by a week or a month. Negotiate outplacement services in units of time not in dollars. Those expenses run up quickly. Go for six months rather than three months. Be sure to write a letter of reference for your manager to approve and sign. Even one for your boss’s boss, if you have a good relationship with her. Sometimes the company will need additional help after the layoff and you can come right back as a contractor. Your company may be willing to continue your professional certification program if partially complete. They may cover expenses for social networking participation like LinkedIN or job search like Ladders. |