The Snitch

Just a little of everything HR

How do formalised severance policies pay off?

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Companies with formal written severance practices usually save more on retrenchment packages than those that base such packages on informal written guidelines. Yet only 29% of Singapore HR practitioners surveyed have formal severance policies implemented for their companies even though retrenchment figures are expected to rise during this downturn.

What’s worse is 100% of HR respondents expect no changes to their severance policies in 2009. Michael Lee, a senior consultant for HR consultancy firm Right Management, explains how employers will benefit both financially and in goodwill from having a good formal written severance policy in place.

Watch on to find out.

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Written by Lee Xieli

January 21, 2009 at 11:18 am

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