Think You Might Get Laid Off? Know What You Can Negotiate in Your Severance Deal

Think You Might Get Laid Off? Know What You Can Negotiate in Your Severance DealMany more people than ever before are getting the pink slip, thanks to massive layoffs happening everywhere. If there's a chance you could be the next layoff, find out what you can get from your company before you're rushed out the door.

Severance packages vary by company and will usually depend on your length of service as well as your position in the organization. Although not all severance agreements are negotiable, it doesn't hurt to try to get a better offer.

Forbes recommends the first step to take before or when you're laid off is to look into all your benefits. See if your group life and disability insurance can be converted to an individual plan.

Because your health insurance is the most important benefit but you'll be responsible for the expensive health insurance premiums to extend your coverage under COBRA, ask if the company can cover the premiums or at least the portion they had been paying when you were an employee.

Other items you may be able to negotiate include outplacement services, part of your deferred bonus for the year, and the terms of any non-compete clauses. Also, definitely don't forget to get your letters of recommendation.

Severance pay available or not, it pays to be prepared if you think you might lose your job.

What to Do When the Next Layoff Could Be You | Forbes

Photo by Stephen VanHorn (Shutterstock)

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