Typical Severance Package: What Employers Must Know In 2023?

Severance packages benefit both employees and employers by fostering goodwill, improving workplace culture, and protecting a company's brand reputation.

A typical severance package includes components like severance pay, insurance coverage, retirement plans, job search assistance, and more, providing financial stability during unemployment.

Planning for your severance package involves assessing your financial needs, understanding company policies, and researching what former employees received.

Employers offer severance packages voluntarily as a gesture of goodwill, typically including one to two weeks of paid salary for each year of service.

Understanding the constituents of a severance package can help employees negotiate better terms and make informed decisions when faced with layoffs.