What is a targeted voluntary severance scheme?
A targeted voluntary severance scheme offers an opportunity for qualifying employees working in specific areas to apply to leave their employer on a voluntary basis, e.g. to pursue other career or personal interests, and in doing so are provided with a monetary package to support them to leave.
Voluntary severance requires consideration of the needs of the organisation and impact before any approvals are given, including the consideration of whether the number or combination of applicants will adversely affect the employer’s strategic priorities.
The attraction of opportunities such as voluntary severance is that they are non-discriminatory. A well-designed scheme can be mutually beneficial, allowing changes to be made by staff voluntary means.