Does Your Severance Plan Make the Cut?

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Does Your Severance Plan Make the Cut?

Businesses continue to experience long-term residual effects from the Great Recession.  Today, employers in virtually all industries are still assessing their workforce needs and are looking to attract and manage employees in the most cost-efficient and tax-effective manner possible.  As part of a broader workforce strategy, many companies are also focusing on how severance practices are impacting a company's brand as much as the bottom line.  Consequently, employers are reviewing their severance polices – many of which have remained unchanged for years – to find new value-creating opportunities that can also save money for their company and their separated employees at the same time.