Buck Consultants > Severance Solution®

Health and Productivity » Severance Solution®

Severance Solution®

There comes a time when business decisions to restructure must be made, whether they result from mergers and acquisitions, downsizing, or a new vision. Employees that become displaced during this time usually receive severance pay.

Historically, severance pay has been viewed as an entitlement, but with the global marketplace shifting, companies are redesigning their severance structure so that costs are better managed.

Buck Consultants offers one such win for all solution with value-driven severance programs that are efficient, accountable, and manageable for everyone involved in the process.

We offer:

Consulting to help you determine the appropriate severance program design and what is needed to comply with Supplemental Unemployment Benefit (SUB) Plan requirements
Communications including a full suite of materials in electronic format that can be customized and personalized to educate employees about the plan, and to advise and train managers about its implementation
Implementation: we work directly with your payroll department to finalize specifications, layout and transmission method for the transfer of data between your systems and Buck Consultants’ proprietary system. Our turnkey solution consolidates all activities related to administering severance
Participant Self-Service: IVR and/or Buck Consultants’ severance Website enables former employees, in a very secure and private manner, to update eligibility for continued SUB payments, review the history of confirmed eligibility transactions, and link to state unemployment Websites for further information. Buck Consultants’ Call Center provides complete support to former employees participating in the plan.

Contact us
HealthandWelfare@buckconsultants.com.

When a FORTUNE 500 manufacturing company found itself under intense pressure to cut operation costs quickly and substantially, Buck Consultants saw an opportunity to apply the Buck-developed Severance Solution^SM — a fully outsourced, turnkey, end-to-end product that reduces a company’s severance costs. The results were a huge success.

In the words of our clients, “When we needed to reduce our work force, Buck quickly offered us a solution that reduced our severance by about 20 percent — nearly $5 million in the first year. At the same time, it allowed employees to receive 100 percent replacement of income during their period of transition to another employer. Buck provided valuable assistance to our company, and our displaced employees, during a difficult time.”