Jan 30, 2009 9:01 pm US/Pacific
Stretch Your Dollar: Negotiating Severance
CHICAGO (CBS) ―
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Companies are not always required to offer severance, but the longer you've worked and the higher your position in the company, the more bargaining power you have. (File)
AP
In this economy, getting laid off is something that can happen to anyone. Many people getting pink slips are offered severance packages.
But to stretch your dollar, you need to carefully consider what you're being offered, reports CBS station WBBM-TV.
When Raul Villaverde was laid off, he was not satisfied with the severance his company offered. So he fought for a different deal
"There were certain aspects of the package which I did not like," he said.
Kirk Nemer of
careerprotection.com says Raul was smart to fight.
"The severance pay packages are not as generous," he said. "That's why it's so important, more than ever, for employees to negotiate."
Nemer says don't sign anything immediately. Take the time to completely understand what's on the table. You may want to consult a lawyer. Also, know that you can negotiate for more than just a dollar amount.
"Many companies offer outplacement or transitional services where they hire a firm to find you a new job," Nemer said. "Many companies will pay your health and dental and vision insurance and disability insurance. "
You can even ask to keep your cell phone or company computer to help find your next job. Raul won his fight and offers some advice.
"Know your situation before the severance package is handed to you," he said. "Try to understand exactly what your value is to the organization."
Companies are not always required to offer severance, but the longer you've worked and the higher your position in the company, the more bargaining power you have.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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