Severance Design:
A Financial Bridge to What’s Next
Our influence is demonstrated by how many lives we touch.
To provide severance pay is both a kindness on the part of the employer and a legal necessity in this era of wrongful termination law suits. Severance packages provide a financial cushion to what’s next. Yet less than 50 percent of companies provide realistic amount of severance pay to workers whose employment is terminated.
Severance agreements are more than just a “thank you” payment from a company. They can waive any right to a legal claim. And it is simply just the right thing to do in most circumstances.
Price is what you pay to do something.
Cost is what you pay when you don’t.
Every organization that employs should have a decent severance policy. There are many factors to consider when establishing a new strategy or reviewing an established policy:
Are we being fair and equitable?
Is this how we would want to be treated?
What will it cost us to do nothing?
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