Is severance negotiable? Is it true that you don't have to sign the form right away? Has anyone sought their own personal legal counsel?
7 replies (most recent on top)
My 25th year anniversary is a week away from me being notified of job elimination today… could I negotiate to get severance for the full 25 years versus just 24?
The severance agreement itself is non negotiable but, if you are given an extension of time to secure a different job internally, you are given more time to sign the agreement. But, being given more time to post and interview internally isn’t common. I would say that is the only potential leverage that exists. If you don’t get and accept an offer for another internal role you better make sure you get those severance papers signed and returned (I think 2 business days before it goes into effect) or you’re out of luck. Also, you can sign them at any time up until the required return date and get the payout. Again, this is a rare exception and may no longer apply like it did a couple of years ago (or only apply to “top performers” aka management favorites.)
When I was laid off last October I knew I would still have a mortgage to pay etc. However with the severance I realized one morning I had enough money to pay off all my debts so I did. I realized with no debt that I was in a whole new space where I alone called the shots. Today I’m in a much better place all thanks to losing my job.
It is take it or leave it since you have zero leverage or time. Unless you are way up in the food chain but up in the clouds you already have that settled in your contract for a soft landing
There is a severance policy on Iris.
Negotiations require leverage, in the case of a JE you have none. I heard, unconfirmed, you get 24 hours to sign. People do not generally (or ever) get lawyers to handle their severance package.
Severance isn’t required by law, so I wouldn’t go making unrealistic demands.
But please let us know the outcomes if you decide to take this approach.