Having an established policy regarding severance is a best practice for any company—not only to make the difficult process of layoffs easier, but also to protect the company from potential legal action. But what should you consider when creating your policy and...
While companies are not required by federal law to provide severance pay to terminated employees, many voluntarily choose to do so. This brings up a crucial question for HR experts: how is this type of pay calculated? How Is Severance Pay Calculated? If your company...
Discover How Severance Pay Works and How it Should Be Used In Your Organization Severance pay, also referred to as post-employment compensation, gap pay, or a separation package, is rarely a fun topic to discuss—no matter what your company calls it. Typically,...
When employees leave a company, they are entitled to receive regular wages for time worked, plus compensation for accrued vacation time. Beyond that, companies aren’t required by law to provide additional benefits like severance pay, unless promised in an employee...
