“Separation agreement”—the term is emotionally charged. On the one hand, you hope like crazy you’ll never need it, but it’s nice to think it’s available if the worst happens and your company lets you go. On the other hand, when the time comes to take it, you may wrestle with wildly conflicting feelings—from relief and gratitude that you have a cushion, to outrage that it isn’t more. In the midst of that emotional maelstrom, the one thing you might not think of at all is that it’s important—and possible—to negotiate the best possible separation agreement.
When you’ve been let go, your main objectives should be to leave with your pride and dignity intact, go with enough financial support to see you through to the next job, and to get the support you need to find a new job. Sometimes, negotiating your separation can help you achieve all those goals.
Here’s how the dialogue (both your internal one and the one you’ll have with HR) could go:
First, realize you have nothing to lose by asking for what you need. What will they do when you review their written separation offer and say it’s not good enough? Fire you? Withdraw their original offer? Not likely! Likewise, you have nothing to lose by being persistent in your pursuit of a better separation agreement.
Second, the best way to preserve your dignity is to behave in a dignified manner, no matter how shabbily you think you’re being treated. No one can take away your professionalism unless you give it up.
With this frame of mind established, you’re ready to get down to the nitty-gritty of negotiating:
1. Address each compensation issue separately. Many components typically make up a separation agreement, from cash severance and career coaching, to benefits and other items. Look at each component individually and assess its suitability to your needs. How does it balance with the other components? For example, a substantial severance amount may not be helpful for long if the package’s outplacement component is lacking and it takes you longer than you’d like to get a job because of that.
2. Know what you want and be able to articulate it clearly. Yes, you want what’s fair, but it’s also acceptable to ask for enhancements to what “company policy” dictates, based on the unique circumstances of your impending career transition.
3. Pursue continuation of medical benefits. The loss of a salary isn’t the only cost of losing your job. You also have to think of medical coverage. Going without coverage isn’t an option, but paying for COBRA out of your own pocket can be burdensome. Asking the company to continue your medical benefits can be an effective way to improve the overall value of your separation agreement.
4. Request career coaching services. You can’t be sure how long it will take you to get another job, but it is certain that working with a strong career coach and outplacement program will facilitate your search. Even if your company has a preferred vendor for outplacement services, you can still ask for a partner that will better suit your needs. An intensive, results-oriented coaching relationship will be more beneficial than a cubicle space and a phone as you’re looking for a job.
GetFive can start working with you before your termination date if your company agrees, so don’t wait to begin career coaching. Get the support you need as soon as you know you’ll be looking for another job. Your severance will eventually run out, so make sure you’re doing the right things to help you quickly land in another job that’s right for you.
