Guidance For Your Journey Navigating The Uncertain Waters Of Severance Packages

In the ever-changing American job market, unexpected turns and bumps may bring you to an unfamiliar crossroads. Being offered a severance package is one of these unknown crossroads for many, so know that if you’ve been offered one, you’re not alone. With them come a mix of emotions – the insecurity of change, apprehension of what lies ahead, and uncertainty of what to do next.

How to best steer through these uncharted waters and the path forward may be difficult, but with this article, the severance agreement lawyers of Hall Jackson and Associates P.C. in Chicago, Illinois, hope to give you a compass that guides you in the direction you need. We aim to empower you with some pointers and considerations that may not have crossed your mind, overviewing what makes up a fair and comprehensive severance package, and how to handle the emotional stress you may experience when navigating accepting a severance package.

Elements Of A Fair And Comprehensive Severance Package

Before we dive in, we need to define our terms. You’ve probably heard of the term severance package, but what exactly does it refer to? A severance package is an agreement that is typically offered by an employer to an employee when the employer seeks to terminate the employee’s employment. These packages are usually offered in specific contexts, namely when there are company-wide layoffs, downsizing, restructuring, or other instances where an employee is let go for non-performance-related reasons.

Severance packages ideally go beyond a simple farewell gesture. They exist to help the employee during the period of transition and by softening the financial impact they’ll suffer. They consist of a few key elements, including:

Financial Compensation

Severance packages generally contain a relatively decent amount of financial compensation aimed to help soften the financial blow of losing your job. Compensation is typically dispersed in a lump sum or over the course of a structured payment plan.

Continuation Of Benefits

Many people tend to neglect this aspect of a severance package, instead focusing exclusively on the financial compensation. The continuation of benefits is incredibly important, however, especially if your health insurance is administered to you through your employer. Without this continuation, you’d be forced to find insurance on your own, and even with a healthy financial compensation as part of your package, this would be incredibly burdensome financially.

Outplacement Services

An exceptional severance package will include outplacement services so you can ideally quickly turn around and find a new job. These services aren’t included in every severance package, but they are in some. They often extend to include things like counseling, resume assistance, and various job search tools and resources. If these services are something you’d like, be sure to read all of the fine print of your agreement to see if they’re included. If not, consider requesting them, as your employer may be more than willing to make that concession for you.

Managing The Emotional Impact Of Receiving A Severance Package

Acknowledging the emotions you experience if offered a severance package is key to bouncing back as quickly as possible and moving forward with your career. It is far too easy to be bogged down and become depressed because of your loss. As understandable as this it, this can very easily lead to your situation morphing into a self-fulfilling downward spiral if not addressed promptly. Your depression causes you to not seek other opportunities, and not getting any new job offers causes further depression, and on and on you plunge.

Do your absolute best to focus on what is positive in your life, and take advantage of every and any work-related opportunity before you. You never know where one may lead. Seek support from family, friends, and professional acquaintances you know who can not only take you venting but may also be able to network you with job prospects.

Strongly consider reaching out to a severance agreement lawyer if you do not have a strong network of support. They can not only console you, but also equip you with tools, resources, and one on one training that can help you break out of a rut you may have fallen into. In addition to this, they can help you before you even accept a severance package by reviewing your offer and ensuring it is compliant with all local, state, and federal laws. In certain circumstances, they may even be able to negotiate more favorable terms to your agreement for you, including access to outplacement services, as an example.

Consider contacting the severance agreement lawyers at Hall Jackson and Associates P.C. today. We are here to serve you when receiving a severance package and can defend your rights while advocating for your best interest at any point in the severance process.