As the unemployment rate catapulted upwards to nearly 10 percent over the past year, the importance of severance polices was prevalent at companies across the country. The 2009 BenchmarkPro results showed that 55.2 percent of companies surveyed currently have a severance policy in place.

Companies in the manufacturing industry report having severance policies at a rate of 66 percent, compared to the insurance industry, 61.9 percent. Healthcare offers severance at a rate of 53.6 percent, while utility companies offer it at 45.4 percent. Severance is offered least to employees at not-for-profits, 41.6 percent.

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Tags: new economy, unemployment, severance, layoffs

Categories: Research | The Economy