General
What is Severance Pay?
A compensation package that usually amounts to several months pay, provided to employees when they are involuntarily terminated from their jobs
Health Insurance!
What industry has the most issues with severance pay?
Airlines!
(Sourced from the book)
Why is it important for financial security?
Covering expenses while looking for employment
Impact on employees?
Financial cushion, Emotional and career impact, Unemployment benefits, Legal considerations
What 3 conditions allow someone to recieve severance pay?
Layoffs, company restructuring, mutal agreements
When is servance pay not mandatory?
Reasons for variation in severance pay?
Length of employment, job position, industry norms, regulations
Why is it important for legal?
Impact on organizations?
Financial cost, Legal risk mitigation, Workforce planning, Reputation and employer brand