Average severance offered
We haven't revisited a few facets of our severance policy in quite some time and was looking to see what most of you were offering in severance per years of service. We provide 1 week per year of service with a minimum of 2 weeks of pay. We cap at 26 weeks (changed this recently from 52 weeks and not apt to change back).
It appears from survey data that 1 week per year of service is more the norm now than 2 weeks or more, but wanted to get some additional data points from other HR partners. We are mostly a manufacturing firm with heavy R&D as well.
Any insight as to what you are providing and your industry is much appreciated!