Employers continue to offer severance and separation benefits, but the terms and practices are becoming more flexible, according to "2017-2018 Severance & Separation Benefits Study, released by Lee Hecht Harrison and Compensation Resources Inc.
"Severance and separation benefits are a key element in a continuum that starts withtalent acquisition and extends through to those impacted by termination," the authors write. "When delivered effectively, these benefits can reduce the risk of litigation, while maintaining a strong employer brand."
The study surveyed 350 senior human resources and talent management executives and found that while 97 percent of the respondents say their organization offers some form of severance, only 55 percent have formal, written severance policies. That is a decline from the 2011 survey results, when 65 percent had formal severance policies.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
