How to Offer a Better Severance Package for Displaced Workers
No employer wants to ever consider having to lay off a large portion of their workforce — but it happens. In 2019, alone, we’ve already seen major layoffs from large companies like General Motors, Buzzfeed and, most recently, the final white-collar cuts by Ford. Smaller organizations like local factories, school districts, or even fire departments have also had to let a significant number of employees go.
Sometimes, layoffs can’t be avoided in order to keep the company afloat. But whenever possible, employers should offer displaced employees the best severance packages and support they can. It’s important to show you care for their well-being. After all, many of these individuals have given years to your organization.
The question then becomes: what’s the best way to support displaced employees? To find that answer, you need to understand the greatest worries of displaced workers. Then, find ways to alleviate the specific fears of your displaced workforce with a severance package that offers more than a modest payout.
Here are three typical — and understandable — concerns of laid-off employees you need to consider when determining the offerings of your severance packages: