8 Tips on Negotiating for a Better Severance Package

When you are laid off from your job, the last thing you want is to leave with nothing in your pocket. That’s why it’s important to negotiate a severance package that works for you. In this article, we will discuss eight tips for negotiating a better severance package. 

1. Seek an expert opinion.

Before you even begin negotiating, it’s important to speak with any of Sydney’s reputable employment lawyers. He or she will be able to advise you on your rights as an employee and help you formulate a strategy for negotiation.

Remember, you are in a much stronger position if you have an expert on your side. The employer will take you more seriously if they know you’re prepared to fight for what’s rightfully yours.

2. Be prepared.

Know and understand what severance packages are typical in your industry. Make sure you have a range in mind that you would be happy with. It is also helpful to brush up on your negotiation skills before meeting with your employer.

3. Know your priorities.

You should know what’s most important to you. Maybe you need the money to pay your bills or maybe you want health insurance until you find a new job. Whatever your priorities are, make sure they are clear to your employer.

4. Know your value.

In order to negotiate effectively, you need to know your worth. Think about all of the skills and experience that you bring to the table and don’t be afraid to use them as bargaining chips. The more confident you are in your value, the easier it will be to get what you want.

5. Know the components of the package.

When you’re negotiating a severance package, it’s important to know what you’re bargaining for. Make sure you understand the different components of a severance package and how they could benefit you. Some common components include:

  • Payment in Lieu of Notice
  • Severance Pay
  • Continuation of Benefits
  • Outplacement Services
  • Release from Non-Compete Agreement

Make sure you are aware of each component, and be prepared to negotiate on each one.

6. Start high.

When it comes time to make an offer, it is always best to start high. This gives you room to negotiate and increases the chances that you’ll end up with a package that you’re happy with. Employers expect you to negotiate, so don’t be afraid to ask for what you want.

7. Make sure to read everything carefully.

When you are handed your severance agreement, make sure to read it carefully. There may be clauses buried in the fine print that could end up costing you down the road. If you have any questions, don’t hesitate to ask for clarification.

8.  Don’t be afraid to ask for more time.

If you need a little extra time to make a decision, don’t be afraid to ask. Employers understand that this is a difficult time, and they may be willing to give you an extension.

If you’re not sure what to ask for or how to negotiate, don’t be afraid to get professional assistance. A good employment lawyer will be able to guide you through the process and make sure that you are getting the best deal possible.