Examining the "package"

Many corporate restructurings include some sort of severance package for employees being downsized and often at the meeting the corporate folks will want you to sign off on it; however, whenever possible, you should ask for and take the time to review it. In some cases, you may be able to negotiate certain elements of it (because most employers typically want to avoid legal hassles), though in other cases you will be given a take-it-or-leave it ultimatum.

Typical packages will include information related to amount of severance pay, employment separation agreement, health, life, disability and unemployment insurance, retirement plans, stock options and outplacement services.

When in doubt, you should always consider hiring an attorney to look after your best interests.

Helpful resources for negotiating on your own:

• How to Negotiate A Fair Severance Package
• Negotiate the Best Possible Severance Package