Negotiating an Exit Package
On-going conflict in the workplace is not good for employees or employers. Like with any relationship, there can come a point in your employment when it’s best to part ways. If you feel your boss is as keen to end your employment relationship as you are, consider negotiating an exit package - also known as a settlement agreement or severance package.
What is an Exit Package?
An exit package, also known as a severance package, is an agreement that you will resign in return for payment or benefits. The agreed terms will be recorded in a ‘Record of Settlement’ document which both parties sign, commonly referred to as a ‘Settlement Agreement’.
Your exit package is confidential and could include money, a reference, agreed wording of your leaving announcement or anything else you need to effectively transition out of your job and retain your professional reputation.
A negotiated exit can be the best outcome for everyone as you can all move on, while also satisfying the terms and conditions of both sides.
What do I need to think about before starting negotiations?
Before you negotiate your exit, some things to consider are:
What is your contractual notice period?
Does your employment contract set out compensation in case of redundancy?
What is your accrued annual leave and sick leave?
How likely is it that a legal case against your employer would succeed?
How much compensation could you receive from the ERA for hurt and humiliation?
What would your legal costs be?
How many weeks' wages will you need to cover you while you find alternative employment?
How badly does your employer want you gone?
Do you need a positive written reference supported verbally?
There are many things to take into consideration when negotiating an exit package, that's why it helps to have sound advice from professionals like bossed.
How can bossed help me?
We are Human Resource and Employment Relations experts. We’re experienced negotiators and because we’re familiar with the rights and obligations of both parties, we will confidently work towards the most favourable exit package for you.
We will support and represent you throughout the settlement process; providing sound, practical advice and keeping interactions professional and confidential. In most cases our services won’t cost you anything – any fees will be covered by your employer.
Contact our friendly team today for a FREE & confidential consultation. Fill out our form below or call us on 0800 BOSSED
What does it cost?
In most cases, our help won’t cost employees/individuals anything. When you first make contact, we will provide a free 15 minute consultation and confidential advice about your situation. If your problem requires dedicated support from our team and/or formal representation we will aim to ensure any fees are covered by your employer. Have more questions? Click below to read more about the difference between bossed and 'no win no fee' organisations:
0800 BOSSED (267 733)
All information provided to us is strictly confidential. For email and online enquiries, we'll respond to you within one business day.
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