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Wait before you sign any documentation, the experts say.
Despite a Bank of Canada survey that indicates most businesses are looking to grow headcount over the next 12 months, many workers are fearful that a looming recession will lead to job losses.
So, what should you do if you’ve just been let go and offered a severance package?
Matthew Fisher, partner at Lecker & Associates, and Muneeza Sheikh, partner at Levitt Sheikh, say the first step is to wait before you sign any documentation.
“I always suggest when somebody gets a severance package, take some time to take a look at it, to ask any questions if you need to, but then don’t feel pressured to sign it,” says Fisher. “Take a breather so you can evaluate your situation.”
The next step, according to Sheikh, is to seek legal advice on what it is that you should be signing or whether or not you should be asking for more money.
“I often say to my client that an employer’s first offer is rarely anywhere close to their best,” she explains.
“My advice is to take it to a lawyer and, typically, unless there is an airtight employment contract provision that might limit you to what’s been placed in your initial offer, there’s usually a way to get more money.”
For those who are worried about taking on legal fees after being laid off, Sheikh and Fisher say you should ask yourself: What am I going to get in exchange?
“You could be entitled to up to two years of pay, earned bonuses, future bonuses to all sorts of things,” says Fisher. “They could be leaving hundreds of thousands of dollars on the table.”
“A lot of times, there are no-charge or small-charge initial consultations or assessments,” explains Fisher. “Contingency fees tend to be popular — the bigger severance the lawyer can get for you, they take a percentage of that as the fees so that the client doesn’t have to pay along the way.”
Sheikh says if you are still hesitant about seeking counsel, research online to learn what your general entitlements are.
“That at least puts you in a situation where you can make a more educated guess before signing something.”
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