When you have the option of getting a severance package upon the termination of your employment, it is essential to understand you have the right to negotiate. Severance packages are not a managed benefit like unemployment insurance. The law does not regulate what must be in your package or the details of it.
Because of this, you can negotiate the terms you want. However, the Wall Street Journal explains you should go into the process with a plan and prepare to work hard to get fair terms.
Talk to the right person
Make sure that when you go in to negotiate that you are in front of someone who can make a deal with you. Pleading your case to the wrong person will only waste your time. You need to be in front of a decision-maker who can make things happen.
Know what is negotiable
Depending on the circumstances of the end of your employment, you may have more points you can negotiate than others. In general, though, you can always try to get a higher payout and the terms of the payments. You can also negotiate any other terms that could limit your ability to find future work or that would allow you to keep some ties with the company. You may be able to get some better deal in regards to your retirement plan or stock options, as well.
You should go into negotiations with goals. Know what is the most important for you to walk away with. Be ready to compromise because you are not likely to get everything you want. You should have a few specific points that you must have and be willing to let go of others.
You do not have to accept the first deal your employer offers for your severance package. Take time to figure out what you want and go for it.