Total Management Solutions, a provider of severance plan implementation and administration solutions for Fortune 1000 companies, said this week it has launched a platform called Severance 2.0, an alternative to the traditional layoff.
With Severance 2.0, companies can request customized severance packages for each employee, assist them with their unemployment insurance claims process, and handle all questions about their severance plan and payments.
The service also keeps in touch with former employees throughout the severance process to ensure everything is streamlined and complete.
There are monetary benefits to using the platform as well. According to the website, employees can receive more benefits because their severance payments are not subject to payroll taxes.
The company can save up to 50 percent of traditional severance costs from tax savings and supplementing UI payments.
“Severance 2.0 benefits both the company and the laid-off employee,” said Richard Langevin, Chief Operating Officer of Total Management Solutions, Inc. “The laid-off employees receive more benefits and dedicated support throughout their entire severance period, while the company reduces the cost, stress and workload related to managing the staff reduction with Severance 2.0.”