Severance agreements are designed to help employees who face layoffs or employment termination get through the time period following termination. They can be quite generous depending on the employer and the details of any employment contract.
Negotiating Your Kentucky Severance Agreement
Kentucky employers may not be required to offer you a severance agreement in many circumstances, yet severance packages are common business practice. If you are uncertain of your companies policies, you should talk to whoever handles human resources. They should be able to provide you with any guidelines.
Here are some things you may not have yet considered in thinking about negotiating your Kentucky employer severance agreement:
- You can negotiate this employment term before you are hired. This is becoming more common as the workforce and employment standards change. Management positions and executive positions are in a good position to negotiate this term prior to being hired.
- Non-compete agreements are a common clause found within severance agreements. This gives you some leverage if you are trying to negotiate terms. This term is favorable to your employer because it prevents you from doing similar types of business within a specified time and geographic area. Make sure you read any no compete terms carefully to understand what restrictions you are agreeing to if you sign.
- Do not automatically agree to or sign a severance package. If you are offered one, you should tell your employer that you need to review it and ask for a specified amount of time before signing and taking it. You do not know the details of your severance package until you read it. It may be necessary to have a lawyer review it for you if you do not understand certain terminology. Once you sign it, it is a legally binding contract and you could be taken to court if you do not follow it.
- If you are fearful of negotiating, you can get coaching or assistance from a lawyer skilled at Kentucky severance agreement negotiations.
Getting Legal Advice
A Kentucky employment law attorney can help you negotiate and review your severance agreement. Many employees do not realize the power they may have to negotiate for favorable terms during employment termination. An employment attorney can help you understand what your rights are and what is appropriate given your specific employment relationship.
