When terminated by an employer, an employee may receive the offer of a financial settlement that will allow both parties to walk away from the relationship on satisfactory terms. A severance agreement is a common tool used by North Carolina employers for those leaving their company, but an employee would be wise to ensure that the terms of this agreement are fair and reasonable. Before accepting an agreement, a careful review the entire severance package is prudent.
Negotiating the terms for departure
When negotiating the terms of a severance package, it is necessary to look at the grounds cited by the employer for termination. Depending on the reason for termination, it may be possible to negotiate a higher compensation amount or additional benefits. This is especially true in situations where there is the possibility of unlawful termination.
Most severance packages include terms that provide one with a certain amount of compensation that would cover missed wages for a specific length of time. Other terms one could negotiate may include continuation of health care benefits, retirement benefits and stock options. Every employee has the right to seek to maximize the benefits available to him or her.
A reasonable severance package
It may be helpful for a North Carolina employee to work with an experienced employment law attorney when negotiating the terms of a severance agreement. Strong negotiations may allow one to maximize the amount of compensation available to him or her. With the right help, it is possible to secure terms that allow one to look to the future with confidence.