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severance agreements Archives

Getting a severance agreement after layoffs

Employees subject to lay-offs and other terminations are dealing with a multitude of emotions and insecurity while promptly clearing out their desk. During this stressful event, and even earlier in companies that are restructuring or engaged in layoffs, employees should consider the contents of severance agreements.

Important parts of a severance agreement

Receiving notice of a job termination and packing up and leaving a workplace for the last time provides little time to consider and review a severance package, especially under emotional duress. Some important matters, however, should be carefully considered when reviewing severance agreements.

CBS CEO severance package instructive

CBS CEO Les Moonves resigned on Sept. 9 after numerous sexual harassment allegations. Despite these serious charges, he may leave the network with a $120 million severance package. It is reported that CBS will donate $20 million of his financial settlement to organizations that support the #MeToo movement. His departure also provides important lessons about the importance of severance agreements.

Tips on getting the best severance agreement

Employers may offer severance agreements to smooth the departure for terminated employees. In return for certain benefits, however, the soon-to-be former employers want important concessions. Employees can increase their bargaining power by taking certain actions to help assure a softer financial landing after a job loss.