The first thing you do after you lose your job (whether you call it fired, terminated, axed, or whatever) are extremely important and can dictate whether you receive a good settlement from your employer without too much trouble.

The first hour after you’ve been terminated is incredibly stressful, even, perhaps, one of the most devastating times in a person’s life.  A whole host of emotions run through you, everything from anger to resentment, from depression to disillusionment, and from rejection to a new uncertainty about your life.

It is really important not to make any rash decisions.

Often, what many employers will do is to provide ’spot offers’ upon termination.  That is, they’ll have you sign a piece of paper promising you a package of money.  What you are often doing, though, is waiving your right to ask for future money.

It’s also not unusual for an employer to not offer any package at all, expecting that the employee will simply not understand his or her legal entitlement to notice.

So, in that first hour after you’ve been terminated or told that you’ll be terminated from your job, it’s important not to react.  Simply ask whether there is any severance offer on the table, how much notice will be given and how the process of termination will occur.

Don’t say anything, don’t respond, and most importantly, don’t offer anything else.  Take the information that your employer is giving you, and ask for some time to consider your options.

Then, that evening, consider your options, think about what you want and come up with your counter offer (you may want to read our Seven Steps to Improving Negotiations paper to understand the difference between what you need, what you’re entitled to and what you want).  If your employer has given you a settlement package you may want to consider that.  You’ll also want to take the time to call a lawyer, your financial advisor, or your tax advisor to understand what your various options are, and to assess your package.  Then you’ll be prepared to go back to your employer the next day with a fair counter proposal.

By keeping calm and not reacting, you will avoid signing any documents or entering into any agreement that you’ll regret, an agreement which may involve waving the legal rights that you have by common law.