Severance Planning
Martha Glantz, a senior director of Total Compensation Solutions, has extensive experience in the area of Severance Planning. Martha has guided several major companies through large downsizing and she can help your organization through the very difficult process of severance planning.
Our strategic partner Eisenberg Resources can also assist your organization with Outplacement Services.
Call TCS about our Severance Planning services at 914-730 -7300 or email Martha Glantz at mglantz@total-comp.com
More on Severance Planning
When a company decides to have a reduction in workforce it faces many decisions. We have experience helping organizations to select the approach that is most appropriate for them. Some of the considerations a company faces include:
- Communication: Depending on the style of communication that is usually followed, organizations will craft a communications strategy that addresses: what, when, to whom and how much to communicate
- Voluntary or involuntary reduction: We can help a company evaluate the relative advantages of each approach. There may be times when one is more appropriate and will enable an organization to meet its revised staffing needs.
- Severance Package: Some companies have a formal ERISSA severance plan while others have only past practice to rely on. The amount of severance and the components can be structured to be both cost effective and provide support for those employees losing their job.
- Remaining staff: Much effort is expended in developing the plan for those employees who will leave the company. The same level of attention should be brought to the employees who remain with the company so that they remain engaged and productive.
Each of these topics requires the human resources staff and executive team to think through the relative pros and cons of each approach. The best approach for each company is one that is aligned with its human resources and total rewards strategies.
TCS can work with the project team who is charged with planning the reduction in worforce and help it consider the best approach.