If your Wisconsin employer decides to terminate your employment, you may be entitled to a severance package. A severance package includes pay, the value of unused benefits and other resources that you might need to cushion the blow of losing your primary source of income. As a general rule, you’ll have the ability to negotiate the exact structure of your termination package.
Don’t act quickly
One of the easiest ways to leave money on the table is to accept the company’s initial offer. Instead, it may be best to walk out of your manager’s office for a few minutes to think about your next move. It’s possible that you’ll have multiple days to consider an offer. In such a scenario, you may want to go home, talk to your spouse or talk to someone who you trust to help you negotiate the best possible deal. In addition to getting as much money as possible, signing papers right away may compromise your ability to file a lawsuit or take other action if circumstances warrant.
Not everything is up for debate
Company policy may dictate how much you are entitled to receive or how long you can receive payments after you’re terminated. Understanding what you can negotiate and what is essentially set in stone may enable you to reach a deal on your severance package in a timely and amicable manner.
If you are being terminated for poor job performance, you might not have enough leverage to ask for more than your employer is offering. However, if you worked on special projects or helped to secure key clients, you may be in a position to ask for additional pay or other compensation upon being terminated.
A severance package may help you pay bills or cover expenses related to finding a new job. It may also help to ensure that you retain your health coverage while unemployed. Although you are not required to accept an agreement, failing to take action in a timely manner may hinder your ability to collect after you are let go. It is best to seek guidance from an experienced employment law attorney. Alan C. Olson & Associates will fight for you.