How to Maximize Your Severance Package

Have you just been laid off or about getting a new job? In consideration of the current harsh economic conditions, severance packages are now becoming a norm. However, did you know you could actually get more than you've been offered? Here is how to maximize your severance package, courtesy from a group of business lawyers.

What is a Severance Package?
A severance package is simply a combination of money and benefits given to an employee who has been laid off. It doesn't really have any legal backing, rather, it has become a matter of practice.
How can I maximize my severance package?
Review Your Rights: Before negotiation begins, you should have a detailed idea of what your available rights are. This is where getting a lawyer to give you sound advice in this area is highly recommended. Dust off your employment contract and carefully go through it (especially those fine print) to be sure none of your rights have been violated in the circumstances surrounding your lay off. Where you discover your rights have been violated, approach the company first before thinking of suing. Most times, the company takes the option of settling out of court leaving you with a fat severance package.
Commissions and Bonuses: Did you just close an account for the company which entitles you to some commissions and bonuses? Ask for them to be added to the severance package if you haven't received them yet.
Unused Vacation: Those vacations you never had the time to claim, now is time to get their monetary value. Simply negotiate for some or all of the monetary worth of the vacation to be added to your severance package.
Timely Reimbursement of all unpaid Business Expenses: If the company is owing you when you are laid off, the amount is automatically added to your severance package. You can even add interest to its payment, or ask that they pay immediately and pay a lesser amount.
Characterization of the Termination: Its common for those involved in a lay off to not be on friendly terms, especially where an incidence led to the lay off. However, if you were not in the wrong, you can negotiate for a positive characterization of the termination. You can still take it one step further and demand for references and commendations.
Check with your lawyer when you receive your lay off letter, the statute books contain some other industry specific provisions that could help maximize your severance package. One last thing, always have a lawyer negotiate a severance package before you accept that next job.