Severance Packages

(MoneyWatch) 

How can I negotiate a great severance?

Your best bet is to negotiate your exit before you even start your job. You have the most power to strike a favorable deal when your boss is eager to bring you on board. Of course, that's not particularly helpful if you're facing a layoff now. Plus, that sort of prehire discussion is often reserved for high-level executives; negotiating a plum severance package up front may not be feasible if you're a rank-and-file employee.

None of this means you're entirely at the mercy of your HR department if you're being laid off now, however. You still may be able to fatten your severance during a downsizing — possibly by landing a few extra months' health coverage or help finding your next job. Check out the following links for advice on how to get the upper hand in negotiations, what to ask for, and why it's a good idea to wait before signing paperwork.

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• What to Expect (Video)

  An employment law expert explains what your severance agreement will likely cover, how much time you'll have to look it over, and the legal implications of signing it.

• What to Ask For

  Learn what kind of severance package is typical today, what the most generous companies are offering, and how to negotiate for a better deal.

• Master the Conversation

  The dreaded meeting with your boss is sure to be an uncomfortable conversation — and not just for you. Find out what to say — and what not to say — at this sensitive time.

• Top Tips

  Ten rules for making sure you're getting all you can from your employer, including an overview of your rights.

• What the Law Says on Layoffs

  Don't think you're entirely at the mercy of your boss. Under a two-decade-old federal law — and state protections in some areas — you may have some unexpected legal rights.