Four Tips for Negotiating a Severance Agreement With an Employer in New Jersey
Leaving a job is complicated. Whether you made the decision to leave, you were forced out by an employer, or a combination of both, a transition can be challenging. A severance package can help—but only if you have an agreement that effectively protects your interests. Here, our Monmouth County severance agreement attorneys highlight four actionable tips that employees can use to negotiate a favorable severance package in New Jersey.
- Seek Professional Legal Representation
Severance agreements are notoriously difficult to parse. Employees will often receive a severance proposal from their employer that is full of a lot of legalese. The right professional representation can make the difference. A New Jersey employment lawyer with experience in New Jersey law and severance agreements can help you understand the terms and conditions of your severance agreement and ensure that your rights are properly protected.
- Know Exactly What You are Giving Up
Before entering too deep into negotiations for a severance package, it is critical to have a clear understanding of what you are giving up by signing the agreement. Virtually every severance agreement presented to an employee in New Jersey will require them to sign a release of claims, including any wage and hour claims and/or discrimination claims. In other words, you will be giving up your right to sue your employer. Beyond that, there are other provisions to watch out for as well that may or may not be included, such as confidentiality clauses or non-disparagement clauses.
- Do Not Hesitate to Ask for More
A severance package is fundamentally an agreement between the parties. Employees have the right to ask for additional compensation, including a great amount of severance pay. Do not hesitate to ask for more than what is initially offered, as employers often expect some level of negotiation. Be prepared with research on industry standards for severance packages and have a list of points that you believe warrant additional compensation.
- Consider Your Options to Get Creative
Finally, do not always limit yourself to conventional components of a severance package—that being financial compensation. You may want to think outside the box and get creative with your requests. For example, in some cases, employees can benefit from being allowed to remain on an employer’s health insurance plan. In other cases, an employee could benefit from getting a mutual non-disparagement clause or even letter or recommendation for their employer. An experienced New Jersey severance package negotiation lawyer can help you evaluate and explore all of your available options.
Contact Our New Jersey Severance Agreement Negotiation Attorney Today
At Poulos LoPiccolo PC, our Monmouth County employment lawyers have extensive experience drafting, reviewing, and negotiating severance agreements. If you have any specific questions about your case, please do not hesitate to contact our legal team today for a confidential, no obligation initial consultation. We provide legal representation to employees in Monmouth County and throughout the entire surrounding region in New Jersey.