Compensation Resources Releases "2020 Severance & Separation Benefits Survey Report"
October 07, 2020
Free report provides up-to-date data on severance and separation benefits
The current report highlights key areas on severance and separation policies as reported by 685 respondents across a variety of industries in the U.S.
Formal severance policies continue to be a key component of the total rewards package at responding companies, with 68% of respondents indicating that they have reviewed their policies in the past two years. Respondents recognize that a well-rounded total rewards package is important for retaining employees, and they have taken various steps to reduce turnover, including new compensation systems (34%) and improved performance appraisal processes (39%).
"Severance policies and programs are often overlooked as part of an executive's compensation package. However, it has become a more commonly discussed topic during the recruiting process, as well as during succession planning," said Mary Rizzuti, Managing Director of Compensation Resources. "While severance may be an unused benefit by an employee, its inclusion in total rewards provides clear messaging around the competitiveness of a particular total compensation package, as well as a company's compensation philosophy."
The survey report is a result of a partnership with LHH, a leading firm that helps companies realize the possibilities in their people through assessments, coaching, upskilling and transitioning. For more information, download the full 2020 Severance & Separation Benefits Survey Report.