In some ways, the match between a company and a job candidate resembles marriage: You court. You plan a future together. If all goes well, you make things official and sign on the dotted line.
But in marriage as in the job market, it’s best to have something in writing just in case things go south.
You can prepare for a potential layoff from your job the same way you might anticipate a possible divorce, career coaches and employment lawyers told MarketWatch. And the best time to negotiate a severance package is likely the time you’re thinking about it the least: when you get a new job offer.
Should you negotiate a severance package up front?
Accepting a new job may feel like an odd time to plan for the worst-case scenario, but it’s the wisest time to consider how things could play out if you and a new company part ways, said Cody Yorke, a partner at the employment-law firm Outten & Golden.
Employees with high-ranking jobs or unique skill sets should drive a hard bargain up front on the terms of a termination, she said.
“If somebody is more senior, if they have particular knowledge or are specially qualified, they have more leverage in that negotiation and can use that on their way into the job,” Yorke said.