Author: MJT
Negotiating an Early Retirement Package
More and more companies are turning to early retirement
packages for their employees, whether it’s for the benefit of the employees
themselves or part of a company’s efforts to obtain a voluntary reduction of
the workforce before turning to layoffs as an option. Even if your employer has presented early
retirement as the only option rather than just one option, you can negotiate
with them to obtain a more favorable early retirement package. When you prepare
to negotiate for more money, be sure to prepare for it. Your employer may try
to present the option as something where you’ll have to just take it or leave
it, but don’t give in. Just as with car sales, you will have to be a little
stubborn to get what you want when negotiating an early retirement package.
Remember that even if your employer has set a deadline for their offer, it can
change at any time. An early retirement package is the money that you’ll be
using to live off of for a long time, so keep motivated by your desire to live
your years out comfortably. Keep in mind that if all else fails, there are
forms of legal recourse to turn to if you feel that you’ve received an unfair
offer. Lawyers are skilled in negotiation and can be a big help.
Be Open
When negotiating your early retirement package, don’t start
with the amount you want, but add a little more to that offer instead. Remember
that the process of negotiation involves some give and take; be prepared to
come down from your first offer in order to find some middle ground that your
employer will find reasonable. By the same token, don’t set unrealistic
expectations, because that can harm the negotiations. Make use of whatever
resources you have-friends in the company, sympathetic bosses, whatever you
can-to get an idea of what a fair early retirement package would be and what
others have been getting as offers.
Be Candid
When you’re negotiating an early retirement package isn’t
the time to be modest about your achievements with the company, or to be too
proud to talk about your living needs.
Before you negotiate, prepare a list of your achievements with your
company so you have a comprehensive list of just how much value you add to the
company. While negotiating, don’t be afraid to talk about any strains on your
standard of living the early retirement package may put on you, if that’s the
case. Just saying that you want more
money often isn’t enough to win negotiations; you need to show exactly why you
deserve it and why you need it.
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