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Workers with boxes A pre-pandemic survey found that more than two-thirds of companies have reviewed their severance policies within the last two years, and, 37% said they have made their policies more generous in the past three years. (Photo: Shutterstock)

The LHH Severance and Separation Benefits Benchmark Study surveyed nearly 700 human resource executives and business leaders. Although the survey was conducted January, before the pandemic began to disrupt economies, the upward trend of offering more generous benefit packages indicates broad support among employers of the value of such policies.

John Morgan, chief operating officer and vice president of LHH Americas, said that in the current climate, good severance policies are more important than ever. “Over the past several months, it has become clear that companies must have a fair, comprehensive and competitive severance and separation package in order to show respect to current employees and protect the organization’s employer brand for future talent acquisition,” Morgan said.

 

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