Some questions to consider while developing or updated a severance policy. Developing, updating and implementing a severance policy can be overwhelming. For additional assistance in providing a practical policy for your company HR Synergy Solutions, Inc. is experienced in composing a package suitable for your company. Who should get severance. HR professionals agree that all full time employees who are laid off should receive severance.
Some companies even consider giving severance to part-time workers as well.
Most employers' use a formula based on years of service and may even factor in the job level. One week's base salary per years of service is typical. Taking job level into consideration, the formula gets a little complicated and is based less on tenure within the company. Lump sum payment. Continuation of salary.