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* Amount of severance: 67% of respondents report that the amount of severance terminated employees receive per year of service has remained unchanged during the past three years.
* Factors determining amount of severance: Years of service with the organization is the most common factor that determines amount of severance (used by 91% of respondents), followed by: title or organizational level (71%); salary grade or level (35%); and employment agreements in place (33%).
* Severance calculation: The severance calculation companies utilized most often for non-exempt employees is one week of severance per year of service, used by 33% of respondents. Middle managers receive one week of severance per year of service from 26% of organizations and two weeks of severance per year of service from 23% of companies. For senior-level executives, most surveyed organizations do not use a calculation formula, base severance on the circumstances of termination, or have no written policy.
* Outplacement career counseling: 77% of respondents provide outplacement assistance to employees of all organizational levels.
* Payments for health insurance: Senior-level executives receive payment toward health insurance from 51% of organizations. Middle managers receive health care assistance from 46% of employers and non-exempt employees receive this from 43% of organizations.
* Circumstances for providing severance: Reductions in force and job eliminations are the top reason why organizations provide severance (96%). Discharges due to poor fit to organization or job are the second most common circumstance for which severance is provided (60%).
* Waivers: 88% of organizations require employees to sign a waiver or release of liability prior to receiving severance.
ClearRock is an outplacement and executive coaching firm that is recognized for genuinely caring about the people we work with. We customize our approach to each individual and our track record speaks for itself - repeat business, long-lasting client relationships, rapid re-employment for our outplacement clients and numerous advancements for our coaching clients. Our mission is to become long-term advisors to our clients, while providing the highest quality career consulting and executive coaching services in the industry.