Hey there, I’m trying to create a severance policy program. Any high-level data or resources would be appreciated knowing that plans differ situationally, per employee type, time in role, experience level, and geography. Thanks.
Hi, Depending on country you’re terminating employees in you may have statutory regulations to follow and you may want to take that into consideration if building out a global plan. Also, understanding what you want to do with any continuation of benefits, parental leave, PTO issues will be helpful. There’s also financial considerations on whatever you offer and you have to know what you can afford. Feel free to DM me if you want to talk further.
I’m based in the US (California), series A funding with about 2 years runway and unlimited vacation.
I’m looking examples of plans at our stage.
I’m thinking I may have to craft my own since money in bank really dictates what we can afford.
I’ve asked my investor but have been advised “2 weeks” which really isn’t helpful especially in a high COLI geo like San Francisco.
Thanks for the help. I think I can craft something that works for both the employee and company.
Wish me luck!