The right way to say goodbye

Most firms have formal, written severance policies: Global survey
By Liz Bernier
|Canadian HR Reporter|Last Updated: 02/25/2014

When it comes to termination pay, Canadian firms are pretty much on par with their global counterparts, according to a Right Management global benchmarking survey of 1,800 senior leaders and HR professionals in 19 countries.

For example, top executives dismissed without cause in Canada receive an average of 3.46 weeks pay per year of service. The global average is 3.48 weeks, while the United States ranks near the bottom at 3.16 weeks, found Severance Practices Around the World.

Severance is most often offered as a lump sum payment, and 55 per cent of respondents have a cap on how much pay in lieu of notice they will provide.