Magazine article Management Review

Job Seekers Negotiate Severance

Magazine article Management Review

Job Seekers Negotiate Severance

Article excerpt

JOB SEEKERS NEGOTIATE SEVERANCE

Important news for job hunters: More and more employers will negotiate severance upfront as part of a job offer. BeamPines, a New York-based executive recruiting firm, reports that 74 percent of their clients who successfully landed jobs last year negotiated an upfront severance agreement. And a recent Hewitt Associates survey shows six out of 10 Fortune 1,000 companies proide employee contracts - with severance agreements - to one or more of their top executives.

Should you negotiate for severance? The answer depends on your job level; the higher-ups have a better chances at negotiating severance. "Almost 100 percent of CEOs and COOs have a contract; it's a universal truth," says John Lesher, vice president and managing director of Korn/Ferry's New York office. Lesher adds that severance packages also are prevalent among the CEO's direct reports. In addition, upper middle managers are now cashing in. At BeamPines, where three-quarters of placed clients received severance, the average client earns $12,000 and is either a vice president or senior vice president. …

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