noun a sum of money paid to an employee upon termination of employment
Severance pay is a financial consideration given to employees upon termination, which may impact a company's financial planning.
Legal professionals may be involved in drafting and reviewing severance agreements to ensure compliance with relevant laws and regulations.
HR departments often handle severance packages for employees who are being laid off or let go.
Severance agreements are commonly used in business management to outline the terms of an employee's departure from the company.
In the context of employment law, severance refers to the compensation or benefits that an employee receives upon termination of their employment.
In the publishing industry, severance packages are often offered to writers who have been laid off or let go from their positions.
Psychologists may encounter clients who are dealing with the emotional impact of severance from their jobs, and may provide counseling or therapy to help them cope with the loss.
Human resources managers are responsible for overseeing the process of providing severance packages to employees who are being terminated, ensuring that all legal requirements are met and that the process is handled with sensitivity and professionalism.
Legal counsel may be involved in negotiating and drafting severance agreements between employers and employees, to ensure that the terms are fair and legally binding.
Financial advisors may help individuals who have received a severance package to manage their finances and make informed decisions about their future financial planning.