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Claim Your Free Copy of Overtime Primer: Highlights from the New Regulations

The federal DOL overtime regulations go into effect this year. Are you ready?

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This report includes a summary of key changes, including the salary level test and salary basis test.

As a bonus, we've included a handy flowchart to help you determine exemption status under the FLSA.

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May 13, 2008
Severance Pay: What Are Other Companies Doing?
Results of a new survey can help you determine how your own severance program compares to other companies in your location or industry. Compensation Resources' 2008 Severance Survey sought information from companies large and small, and included data from non-profit, privately held, and publicly traded companies.

Less than half of the responding companies have a formal, written policy for severance pay, according to the survey. Larger companies, in terms of number of employees or revenue, are more likely to have a written severance policy than are small companies. Many (78%) of the survey participants indicated that their severance policy has been in place for more than 3 years. Publicly traded organizations were most likely to have had a policy for more than 3 years, at 82.8%. However, a significant number of survey respondents said they don't review their severance policy very often. A little over half (57.9%) said they review it on an as-needed basis, and just 21% said they review it every year.

Two-thirds of the companies participating in the Compensation Resources ( survey make severance payments to employees who are terminated due to a reduction in force or a restructuring of the corporation.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!
Featured Special Report:
Top 100 FLSA Overtime Q&As
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