A friend of mine got laid off. Question: do they need to sign the severance package and turn in right away? Is there any benefit in waiting? Another question: is there room for negotation with a severance package or is it set? Any and all advice would be appreciated.
“Friend”
Normally there is a deadline for agreeing to the severance agreement (I've had a week in the past). It should be documented in the severance agreement documents. Like any contract you can negotiate but as work is at will they could just yank the severance package.
Thanks for your advice!
Another layoff at Cisco ? Which BU ?
Enterprise routing and switching @RTP
No need to lawyer up unless there was wrongdoing the person getting laid off is aware of. I lawyered up because there was documented cases of racism and I had saved all communications from the trash startup I was at. If the severance is good enough to pay the bills for the next 2-3 months, generally take it and move on. Chances are there is a clause that says you are able to apply again to that company and that's a good way to not burn bridges. Lawyers will typically want 33 percent of what they recover and you will need to report it as 1099 income. Also expect to wait 3-6 months at minimum before any potential settlement. That said, is that worth it to your friend?
100% agree. Remember: This is a very small valley and probability is that you will see these humans again in the future, one way or another. Perfect advice.
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😞 Girlfriend help! 😞
Severance is not mandatory or by law unless you have a penned contract stating as such No benefit in waiting. You risk losing severance if you try to negotiate.
Thanks for your advice!
Show up with a lawyer. You can get more.