In the current economic climate, many employers will be reviewing their workforce costs and may be forced to make the difficult decision to reduce headcount.

If you need to outsource, consolidate, or terminate employees over the next six months, Buck Consultants can help you achieve significant cost savings with Severance Solution®.

Severance Solution helps organizations manage the costs associated with reductions in force and can be implemented within a two-to-three-month timeframe in a co-sourced or fully outsourced environment. It can also:

• Help you control human capital costs in the event of staff relocations and terminations, outsourcing workers offshore, a company consolidation, or a merger/acquisition. Our offering includes consulting, communications, implementation, and ongoing administration with full customer service support.
  
• Provide you with a turnkey approach that takes advantage of three main savings opportunities: eliminating FICA taxes on severance payments, coordinating employer severance payments with state unemployment benefits, and implementing a new employment feature whereby severance payments stop when a displaced worker finds new employment.

You can redirect your severance resources in higher-value ways — from increasing COBRA subsidies and providing outplacement services to extending severance payments for those who remain unemployed. You can also use savings to fund programs, such as retraining or retention bonuses, for the retained workforce.

Read an overview of Severance Solution

Explore how to implement a severance program that is cost effective for you and equitable for your employees

Find out how to structure severance arrangements that are exempt from FICA taxation

Learn how we helped one client improve the efficiency of its severance benefits

Find the answers to frequently asked questions about severance programs

For more information

Contact Rob Gallman (Robert.Gallman@buckconsultants.com or 770.857.4042), or Denis Cortese  (Denis.Cortese@buckconsultants.com or 770.916.4154), or your Buck account manager to discuss Severance Solution in more detail.