A severance policy is an official procedure of a particular company, which sets guidelines for how best to terminate relationships with employees, whether they are being laid off or fired. They are regarded as legal protection for the employer. They typically state that management reserves the right to terminate employees and to alter their severance policy for any reason, and at any time. Further, most state that the purpose of severance pay (if the company offers it) is to assist former employees as they search for new work. According to experts, having a written severance policy has several tangible benefits including: promotion of equity among employers, lessening the stress of those who have been laid off, and maintaining the company's reputation in their particular industry, thus making them attractive to potential future employees.