severance packages
Layoff financial cushions
A severance package is the compensation and benefits an employer provides to an employee who is being laid off or terminated, typically including a lump sum payment, extended health insurance, and sometimes outplacement services.
The package often depends on years of service and position: She negotiated a generous severance package before leaving.
Companies use severance packages to ease transitions and reduce legal risk from disgruntled former employees.
- retirement plansStrategies for post-work finances
- garden leavePaid notice away from office
- termination agreementContract formalizing job's end
- two weeks noticeCustomary resignation advance warning
- pink slipEmployment termination notice
walking papers · golden parachute · employee buyout · stock options · career transition · health insurance · unemployment benefits · retraining programs · paid time off · exit interviews · layoff · job loss · lump sum · non-compete clause · downsizing · corporate downsizing · redundancy · networking opportunities
- job benefitsbenefits, 401k, medical coverage, medical benefits, dental insurance
- employment termslabor contract, salary, employment terms, internship, contract terms
- HR programsemployee assistance, employee recognition, wellness programs, training programs, diversity programs
- executive contractsgolden parachutes, non-compete clauses, stock options, signing bonuses, employment terms
- employee benefitshealth insurance, pension, 401k, 401(k), retirement
- restructuringrestructuring, reorganization, consolidation, turnaround, Chapter 11
severance packagessigning bonuses
Upfront payment for joining
retention bonuses · recruitment incentives · relocation packages · golden handcuffs · starting salary
severance packagesjob security
Protected employment status
permanent employment · job stability · career advancement · lifetime employment