What can i do to make sure that im not screwed out of my severance package?

Question

My employer announced a merger with another company in June of 2005. I was told by HR and our management that our department would be eliminated with the merger, we would get our 60 day notice and terminated employees would receive a severance package that would total no less than X. The 60 day notice date has changed several times now. We were first told that we would be let go in March 2006 but yesterday we were told that we now be here until March 2007. My co-workers and I feel that we have put our careers and lives on hold for empty promises. We can we do to protect ourselves and make sure that we are not getting a raw deal somewhere down the line? We have not signed any severance agreements at this point.

Answer 1

Any time you merge companies, there will be a lot of detail that will change the time frame. (Nobody thought to figure out which company's coffee filters to use...)

Because you're in a state of flux, you have some options. Option one is that you can decide that the atmosphere is too uncomfortable there, so you can resign and move on. Option two is that you can hang in there and wait for all of the details to be ironed out - and while the corporations are doing that, you can be putting that 'business as usual' face on for your customers and the public. This option has rewards. For your faithful service during the transition period, the company will reward you with a severance package, which is a way of saying, "Thank you. We needed you, and you hung in there with us."

By the way, you now have a new target date of March '07. It's entirely possible that the new joint company will see that your department actually IS necessary, and they may offer you a long term employment.

Best of luck to you. - Stuart

Answer 2

Until you sign the agreements you are not guaranteed the severence. I'm in limbo right now, 2 weeks from my scheduled end date, and actually looking forward to it. My biggest fear is that they withdraw the severence offer.

Answer 3

make an appt. w. a financial advisor, transfer your 401's, etc, if possible when merger finally occurs