2024 Severance & Salary Benchmarking Report
An overview of severance compensation, to enable C-Suite and HR leadership to properly build their programs relative to the current market.
The report includes data by job level and insights into types of severance programs offered. Download now to benchmark your company's severance program.
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What is an Appropriate Amount of Severance Pay to Offer?
Letting go of people is never easy. Companies most often support departing employees through a critical benefit offered as a part of layoffs and terminations - severance pay. However, employers often grapple with this essential question: what is an appropriate amount of severance pay to offer departing employees, to ease transitions and protect a company’s brand?
Explore this and more in Challenger, Gray & Christmas, Inc.’s 2024 Severance & Salary Benchmarking Report, generated from data from over 8,000 respondents who were laid off or terminated in 2023.
Guide Decisions and Refine Programs Based on Data
The C-Suite will ask. Because the Board will ask...
"What is our company planning to offer through severance compensation? How does this vary by job level? How does this stack up against the market? Are we in the top quartile, are we average, or is what we offer well below market?"
Because they understand that the treatment of departing employees reflects the company's culture and environment, and significantly shapes its employer brand. Ensure these transitions are handled with the utmost care.
