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How can you negotiate a severance package or exit agreement with multiple offers?

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If you are leaving your job and have multiple offers from other employers, you might wonder how to negotiate a severance package or exit agreement that benefits you. A severance package is a compensation and benefits package that an employer offers to an employee who is terminated, laid off, or resigns. An exit agreement is a contract that outlines the terms and conditions of the employee's departure, such as confidentiality, non-compete, and release of claims. In this article, you will learn how to leverage your multiple offers to negotiate a better severance package or exit agreement with your current employer.

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Cynthia H.

1 Know your value

Before you start negotiating, you need to know your value in the market and the value of your multiple offers. Research the salary range, benefits, perks, and culture of the companies that are interested in hiring you. Compare them with your current compensation and benefits, as well as your career goals and preferences. Identify the most attractive offer and the minimum acceptable offer for you. This will help you determine your bargaining power and your walk-away point.

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Cynthia H.
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Always know your value, what other companies in similar industries, size and target market paying. Before negotiating do your research and compare, sometimes the perks are awesome but the culture is horrible. Understand that you will need to let go and walk away after everything is negotiated with your current company.

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2 Know your rights

Another important step is to know your rights as an employee and the legal implications of your severance package or exit agreement. Depending on your location, industry, and contract, you may be entitled to certain payments, benefits, or protections when you leave your job. For example, you may have the right to receive unpaid wages, accrued vacation time, severance pay, health insurance coverage, or unemployment benefits. You may also have the right to challenge any unfair or discriminatory termination, or to negotiate the removal or modification of any restrictive clauses, such as non-compete, non-solicitation, or non-disparagement. Consult a lawyer or a professional advisor if you are unsure about your rights or the terms of your severance package or exit agreement.

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Cynthia H.
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Always consult with a lawyer were do you stand. Biggest reason why reps fail to understand termination is because they are scared they might loose everything.

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Erica Isotta Surace

Making meaningful connections in tech happen at the D2 collective | Community-led Growth ? TEDx & Public Speaker | Woman in Tech Award 2023
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When negotiating a severance or exit agreement, review your employment contract, research employment laws, consult an attorney if needed, understand company policies, maintain records, negotiate in good faith, clarify any terms, evaluate the whole package, and never sign under pressure. Protect your rights and interests.

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3 Know your goals

Once you have a clear idea of your value and your rights, you need to know your goals for your severance package or exit agreement. What are the most important aspects for you? Is it the amount of money, the duration of benefits, the flexibility of the transition, the protection of your reputation, or the preservation of your relationships? Prioritize your goals and decide which ones are negotiable and which ones are non-negotiable. This will help you focus on the issues that matter most to you and avoid getting distracted by minor details.

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Erica Isotta Surace

Making meaningful connections in tech happen at the D2 collective | Community-led Growth ? TEDx & Public Speaker | Woman in Tech Award 2023
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Prioritizing non-negotiables in an exit agreement: 1. Ensure you can discuss your employment experience honestly, without being restricted by overly broad confidentiality clauses. 2. Maintain your right to speak truthfully about your experience without fear of retaliation. 3. Secure a positive/neutral reference from your employer 4. Consider your desired departure date to allow for a smooth transition, and negotiate any necessary notice periods. 5. Seek a fair and competitive severance package that includes financial compensation, benefits continuation, and outplacement services. 6. Ensure post-employment non-compete clauses are reasonable and not overly restrictive. 7. Always have the agreement reviewed by an attorney

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4 Know your strategy

After you have defined your goals, it is important to plan your strategy for negotiating with your current employer. When communicating your multiple offers and expectations, be respectful and professional, expressing gratitude for the opportunity and experience without burning any bridges. At the same time, be confident and assertive, highlighting your contributions and achievements to demonstrate your value and marketability. Utilize your multiple offers as leverage, but be flexible and creative in considering different options and scenarios. Look for win-win solutions that benefit both parties. Lastly, be clear and concise when stating your goals and expectations, asking for clarification of any terms or conditions that are unclear or vague.

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5 Know your outcome

The final step is to know your outcome and finalize your severance package or exit agreement. Review the offer and the agreement carefully, and make sure that they reflect your goals and expectations. If you are satisfied with the outcome, accept the offer and sign the agreement. If you are not satisfied, reject the offer and explain your reasons. You can either make a counteroffer, or walk away and pursue your other options. Remember that you have the power and the choice to negotiate a severance package or exit agreement that works for you.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Rajesh Narang

HR-Legal #Mentor | #Expert in HR - Legal recognized by LinkedIn | #Trainer - HR -Legal | High End Consulting - VidhiSatya |
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Jobs are drivers in themselves. Be it rare to find the candidates will be plenty. Be it otherwise, then candidates will invite premium. So identify the situation. The situation you are? Bargain for severance pay... comes according to your situation and then moves. ??

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How can you negotiate a severance package or exit agreement with multiple offers?

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6

1 Know your value

2 Know your rights

3 Know your goals

4 Know your strategy

5 Know your outcome

6 Here’s what else to consider

Negotiation

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How can you negotiate a severance package or exit agreement with multiple offers?

1

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3

4

5

6

1 Know your value

2 Know your rights

3 Know your goals

4 Know your strategy

5 Know your outcome

6 Here’s what else to consider

Negotiation

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