Just Been Laid Off? Here’s Some Important Advice.

If you’ve just been laid off or are concerned that your number might come up soon, here’s some excellent advice (inspired by a LinkedIn post by Sarah Johnston, a coaching colleague).

⭐ Know Your Rights

It’s common practice for employers to offer you a "release" that prevents you from taking any legal action against them in exchange for a financial severance package. They may pressure you to sign it right away. You are NOT required to do so.

Employers are required to give you a reasonable amount of time to review the terms. Let them know that you’ll get back to them once you’ve had time to review it and discuss it with your attorney. Don’t be reluctant to ask for as much time as you need.

Under the Older Workers Benefit Protection Act (OWBPA), employees over 40 years of age who are terminated and offered a severance package are entitled to at least 21 days to review that offer.

⭐ Don’t be Reluctant to Negotiate

Typical severance packages offer one to two weeks of paid salary per year worked. Some companies provide more, some less.

In addition to cash severance, employers often offer job search support services (known as outplacement). The value of outplacement packages can range from $500 to $5,000 for middle managers to $10,000 up to $50K+ for a senior-level leaders.

If you believe you are entitled to more benefits than the company has offered, DON’T BE AFRAID TO ASK FOR MORE. You may not feel like you have any negotiating power, but you’re in a stronger position than you think. You’ve got nothing to lose and just might be surprised by the result.

⭐Concerned About a Non-Compete?

If you previously signed an employment agreement with a non-compete or non-solicit clause (restrictive covenant), ask to be released from it or negotiate changes (and get it in writing).

This is especially important if you’ve worked in the same industry for many years and can make the case that enforcement of this provision would significantly impair your ability to find employment quickly.

⭐Consider DIY

Some companies will let you ask for the cash equivalent to purchase your own job search support. Depending on your situation and what the package includes, make sure you first meet with the outplacement firm before making a decision. Taking the cash and hiring your own resume writer and career coach may serve you better.

Hiring your own career coach will allow you to select someone you feel comfortable working with. You'll be spending a lot of time with this person, so it’s important to make sure you find the right one. (Make sure you look for somebody who is nationally certified).