Based on what she heard from those who were let go, she figured she could expect nine weeks' compensation if there was another round of job cuts. Then, just a couple of months later, the company closed her entire office. While there's no shortage of similar stories, the picture is probably a little brighter for those who work for larger companies that are simply cutting costs and not closing offices or shutting down altogether. These employers may be laying people off now, but they are planning to be hiring again in the future. According to a survey by William M. Mercer, professional staff will usually get two weeks' compensation for every year they have been with the company, with a minimum of three months' pay and a maximum of nine.
Senior managers can expect a more generous package.
They usually receive one month's pay for each year of service, with a minimum of six months' and no more than one year's compensation. If you're lucky enough to receive a severance package, your employer will most likely ask you to sign a release form preventing you from suing the company. It may also include a clause forbidding you to work for a competing company for a certain amount of time. If you are presented with one of these forms, Buck Consultant's Koski advises you to use some caution. You should also be given ample time to read through the document.