Fortune: How to Negotiate a Severance Deal Successfully
Just as women are finally trickling back into the office after a pandemic-driven exodus, many companies are now announcing layoffs. A recent Insight Global survey found that 87% of employers will likely lay off workers if a recession hits, and at least 143 tech companies have laid off over 24,000 employees so far. With growing signs of a recession, experts warn that women, particularly those of color, may be disproportionately targeted by layoffs.
That’s why negotiating a severance package is especially beneficial for female executives, allowing them to secure the resources needed to find a new job without panic. Unfortunately, it’s a topic that’s under-discussed, and much like with salary negotiations, women are less likely to be successful at negotiating severance deals than men, despite engaging in negotiations at a comparable rate.
“Companies have this strong motivation to cut ties and get you to sign right away and move on. And I think the unfortunate thing is the emotional urge to resolve this quickly and move on bleeds over to individuals as well,” says Ben Cook, CEO of the negotiation consulting firm Riva.