Compensation Resources, Inc. Releases Its 2009 Severance Survey

Upper Saddle River, N.J. – October 6, 2009 - Compensation Resources, Inc. (CRI) has released the results of its 2009 Severance Survey.  The purpose of this study was to obtain current data on the prevalence of various practices affecting severance policies among employers that represent all sizes, locations, and industries.  Data was compiled from survey questions that were developed by CRI and distributed to companies in over 14 industries, in addition to Not-For-Profit organizations.  The survey sampled severance data from a variety of organizations, collected in June through August 2009.

This survey reports the different areas of severance.  Some of the information reported includes implementation, updates, how often the current policy is reviewed, employee satisfaction, length of severance, payment methods and paid out. 

Other major points recorded in this survey are:

·         Healthcare costs and coverage
·         Outplacement eligibility and services
·         Covenants

Summary of Findings
The majority of participants indicated that they did not experience any layoffs of Reductions in Force during the past 12 months.  More than half of the participants have a formal severance policy statement currently in place for most employee groups.  Additionally, 36.5% of participants indicated that they updated their policy this past year.  However, only 14.0% of participants review it every year, which was lower (21.0%) than our 2008 results, while 65.4% stated they only review it on an as-needed basis, which was higher than our 2008 results (57.9%). 

This survey covers the major areas of severance and is a necessity in the industry.  For the price of $125, it is a must have handbook for your company’s bookshelf. 

For more information or to order the survey, please contact Andrew Sellers at (877) 934-0505 x115 or visit our website at www.compensationresources.com.