When employers announce restructuring and offer voluntary severance, affected employees can have many questions. Some of these questions can be as simple as “what is a voluntary severance package?” Others can be as difficult as “should I take the package or should I refuse the package and risk getting laid off later?”
In short, a voluntary severance package is a financial incentive offered to an employee to encourage the employee to voluntarily leave the company. Being voluntary means that the employee has the option of declining the offer. But deciding to decline the offer generally comes with some risks.
The attorneys at Allison & Mosby-Scott can help analyze voluntary severance packages and are skilled in advising clients on issues that may arise in accepting or rejecting a severance offer.