Study Says Severance Plans Withstood the Recession

A study by WorldatWork, an association of total rewards professionals, and Innovative Compensation and Benefits Concepts LLC (ICBC), an HR consulting firm, has revealed that severance packages are still ubiquitous, despite massive layoffs due to the Great Recession. Among the findings are: Severance amounts have not changed much since 2009; years of service, position, pay level and employment agreement still seem to be the most important determinants of severance status; and one or two weeks’ severance pay per year of service is still provided by most organizations.

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Severance Plans Weathered the Recession