Severance pay and then some
More and more executives receive backup and extra financial support from companies letting them go. according to a 140-corporation survey by Henchey & Co., an outplacement consulting firm in New York.
Sixty-six percent of the organizations replying said they now provide bridging benefits to executives being laid off. These include temporary office space, telephone answering and secretarial services, and full salary for several months. Former policies ended employment usually with only a lump-sum severance payment.
According to the consulting company officials, the new approach lessens the distress of dismissal and often helps the former employee find a new job more quickly.