Losing your job can feel overwhelming, but being offered a severance package is not the end of the story. It is the beginning of a negotiation.
Many employees do not realise they have the right to ask for more. Here are five practical tips to help you secure a better outcome.
1. Don't sign immediately
Resist the urge to accept the first offer. Ask your employer how much time you have to review the package and use that breathing space to think clearly and seek advice.
2. Look beyond salary
Your severance isn't just about pay. Consider unused leave, healthcare benefits, bonuses, stock options, or even outplacement support. These additional elements can add real value.
3. Assess your leverage
Think strategically. If the company is conducting a wider round of layoffs, not following its own policies, or concerned about reputational risk, you may be in a stronger position than you realise.
4. Ask for more and frame it in their terms
Start by requesting more than you expect. This creates room for compromise while still improving on the original offer. Always tie your asks to the employer's priorities – for instance, offering to sign a non-disclosure agreement in exchange for extended medical coverage.
5. Get it in writing
Verbal promises are not enough. Ensure all agreed terms are documented in writing before you sign or make commitments.
An employment expert can help uncover hidden leverage, identify risks, and often secure results that far outweigh the legal costs. If you've been offered a severance package and are unsure how to respond, reach out to our employment expert for confidential advice before you take the next step.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
