FOR IMMEDIATE RELEASE
Compensation Resources, Inc. Releases Severance & Separation Benefits Report
Employers moving from traditional severance policies to more flexible arrangements
Upper Saddle River, NJ – March 1, 2018 – Compensation Resources, Inc., a consulting firm specializing in the design and implementation of organization-wide compensation programs, along with Lee Hecht Harrison, the world’s leading talent development and transition company, surveyed 350 senior human resource executives and leaders on the topics of severance, outplacement, redeployment, stay bonuses and early retirement programs.
Among the major findings in the 2017-2018 Severance & Separation Benefits Report is that severance remains the method-of-choice for organizations concerned with protecting employer brand: almost all businesses (97%) in the study said they offer some form of severance. Survey findings suggest that companies are continuing to focus on maintaining severance programs that are aligned with their philosophies on total rewards, consistent with best practices in examining market competitiveness for pay.
Although the study found only 55% have formal, written severance policies, the trend is leaning towards flexibility to adjust to changing needs. Severance and separation benefits continue to play a key role in the war for talent.
Severance and separation benefits are one in a series of total rewards programs that provide a holistic, well-rounded view of the entirety of the package provided by employers to their employees. While severance may be a benefit that is never used by the employee, its inclusion in total rewards nevertheless sends a clear message that the employer/employee relationship is a valuable one.
For more information, download the full 2017-2018 Severance & Separation Benefits Report Seventh Edition.
About Compensation Resources, Inc. (CRI): CRI provides compensation and human resource consulting services to mid- and small-cap public companies, private, family-owned, and closely-held firms, as well as not-for-profit organizations. CRI specializes in executive compensation, sales compensation, pay-for-performance and incentive compensation, performance management programs, and expert witness services.
About Lee Hecht Harrison (LHH): LHH helps companies transform their leaders and workforce so they can accelerate performance. LHH delivers integrated talent development and transition solutions to support your organization and accelerate the transformation of your workforce so you have the people and culture you need to evolve and grow.
Paul R. Dorf, APD
Chairman, Managing Director
Diana D. Neelman, CCP
Principal, Executive Vice President
Compensation Resources, Inc.
877-934-0505 · Fax: 201-934-0737