I was recently laid off and was offered what I thought was a shockingly low severance payment (mid-single digits in terms of weeks). What is an appropriate payment in terms of months? Any data points from others laid off in recent times would be helpful.
(Owner/operator, Tier 1 West Coast city, between 2-5 years employed at company)
Depends what company you work for… That said, when I was laid off from a mid sized owner/operator with 15 years of rep, I received 3 months
That said, it was right before I was supposed to receive my end of year bonus which was promised
Assuming you didn’t get paid bonus?
I received 0, but it was not a well known owner/operator. Is there a standard or are these firms well known and will offer something. Didn't really think it was a thing in real estate.
Real estate has a lot to do with relationships and reputation. It is good practice to take care of your employees and as such a lack of severance would indicate poor management or a failing business that is strapped for cash.
Whatever gets management to sleep at night.
My understanding has always been 3 months is standard.
Definitely not in the states. Could be a Canadian thing though.
Market standard should be 3 months
2 weeks per year at most operators, at finance companies 3 months-6 months depending on tenure.
My previous employer (similar profile but east coast T1 market) offered 1 week per year of service.
Meh.
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