Don’t rush the goodbye: Negotiate your severance package first

Few things are more crushing than getting the news that you’re being fired, especially if you’ve been doing your best to fulfill your deliverables. The initial shock can be overwhelming, leaving you scrambling to figure out your next steps.

While it can be tempting to rush the goodbye, leveraging the time you’ve been provided to negotiate your severance package is crucial. New York does not mandate employers to provide employees with severance pay. But many employers do — and it’s often negotiable.

Why negotiate?

Severance packages are designed to ease the financial burden you may experience in the aftermath of a job loss. As someone who has just been fired, the initial offer might seem generous, especially in a state where severance packages are not mandated. 

However, it may not be enough to cater to your financial needs while you search for a new source of income. Therefore, you should consider gathering legal information to help you secure a more substantial safety net. This can give you breathing room during your job search.

Beyond just money, severance packages often include continuation of benefits like: 

• Health insurance 
• Outplacement services 

Negotiating can help ensure these benefits are extended for a longer period, providing you with valuable support during your transition.

What are your rights?

It’s prudent to leverage the time period to review and understand the terms of the severance package. For instance, did you know that signing a severance agreement may deter you from suing your employer for wrongful termination?

Naturally, being laid off can feel like a powerless situation. However, when it comes to your severance package, you have more leverage than you might think. By taking the time to negotiate and seeking legal guidance, you can secure a severance package that provides a stronger financial and logistical safety net during your job search. Speak to an experienced law firm today to explore your options.