While Ohio employers are not required to provide severance packages to exiting employees, statistics demonstrate that it is common for companies to offer these plans. The Society for Human Resource Management, a leading source of information on workplace topics, reports that 97 percent of businesses make some sort of severance arrangement to departing workers. If you are leaving your position, you too might be presented with a proposal containing numerous attractive benefits. However, signing without conducting severance negotiations means you could be foregoing considerable rights.
At Coffman Legal, LLC, our skills in the area of employment law include document review and discussions regarding severance packages. The paperwork often requires you to release your employer from work-related claims, which can harm your interests. We will advocate on your behalf throughout the process, so please contact us to set up a free consultation. Our Canton severance negotiation attorneys can provide details, but an overview may also be helpful.
Every situation is different, but a typical package will include a monetary benefit to be paid as a lump sum or on a continual basis into the future. Some arrangements may also provide for health insurance, a pension plan, profit sharing, stock, or other perks. These benefits are certainly attractive, but there are caveats. For instance: You may be required to release any and all claims you have against your former employer, so you forego any rights regarding discrimination, harassment, and other employment related misconduct. Most severance agreements will include restrictive covenants intended to protect the company’s intellectual property, such as noncompetition and non-solicitation clauses that limit your employment opportunities. Confidentiality agreements in severance packages may prevent you from revealing information you gained access to during your employment.
The caveats mentioned above should not discourage you from entering into a severance package, but always keep in mind that Ohio employers draft severance arrangements to protect their own interests. As such, retaining an experienced Canton severance negotiation lawyer is essential. Our team at Coffman Legal, LLC has extensive experience in a wide range of employment law matters, so we are ready to: Review severance package documentation and benefits details; Assess valuation of lump sum, continued salary, retirement, and other monetary compensation; Evaluate health care benefits and insurance; Propose revisions to the severance package where necessary to protect your interests; Take the lead in severance negotiations with your employer to reach an accord; and Enforce the provisions of a severance agreement if your former employer does not comply with key terms.
If you were presented with a severance package, you should not sign your rights away until you consult with experienced legal counsel. Our team at Coffman Legal, LLC can review your documentation and advise you on the implications of release language, so please contact our office at 614-949-1181 or via our website. We can schedule a complimentary consultation with a Canton severance negotiation lawyer.