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These tips can help you negotiate a severance package

Even when the economy seems to be doing well, some companies still choose to downsize or reorganize and reduce their workforce. If you have seen a few colleagues already receive their invitations to leave the company, you could be feeling some anxiety that you might be next. The next time the boss calls you into her officer, she might be doing so to let you go.

If you are worried that you might be the next lay off at work, you might be wondering if you are in a position to negotiate a severance package. The following tips can help you through the process.

Items that could be in a severance package

Severance packages come in various forms. Some might only include a month or two of your salary and others could have a range of benefits. For example, you could receive pay for any sick days or vacation time you did not use, stock options, medical or dental insurance or even help finding other employment.

Create a plan

In order to create a negotiation strategy there are few questions you should ask yourself. First, how long have you worked with the company? If you have been with the business for five, 10 or 20 years, you might have a good foundation for negotiating a severance package.

The next thing you should ask yourself is what kind of value you have within the company. If you have brought in significant revenue for the business, you should be able to calculate your quarterly and annual contributions. If management does fire you, will they completely terminate your position or do they intend to hire another worker to fill the role at a much lower rate of pay? Finally, how long will it take you to find comparable employment in your field? Use the answers to these questions to work on your proposal for a severance package.

Negotiating a better package

If your employer offers you a severance package that does not meet your needs, it is time to start negotiating. Use your proposal as a basis for your negotiations. While you may not be able to get everything you want, you may be able to get a few additional weeks of pay or perhaps the company will agree to extend your insurance benefits.

If you are concerned that your boss plans to fire you and you have a good history with the company as a productive worker, you might be able to negotiate a severance package. The above tips can help you create a proposal and take it before your employer.

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