Severance Package

Definition

Pay and benefits employees receive when they leave employment at a company.

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Severance Pay Calculator

Often given during layoffs. It may include salary continuation, COBRA payments, and outplacement services.

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ATS (Applicant Tracking System)

Software that manages the recruiting and hiring process, including job postings and storing job applications.

Clawback

A contractual provision that requires an employee to return money already paid (like a signing bonus) if they leave the company within a certain period.

Cover Letter

A letter of introduction attached to or accompanying another document such as a résumé or curriculum vitae.

OTE (On-Target Earnings)

The total expected pay if an employee hits all their performance targets or quotas.

Resignation Letter

A formal letter sent by an employee to their employer giving notice that they will be leaving their job.

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This software is for simulation and planning purposes only. Outputs are estimates based on your inputs and do not constitute professional financial, legal, or tax advice. Always consult a qualified advisor before making business decisions.