Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-24-2008, 08:30 AM   #21
Recycles dryer sheets
 
Join Date: Dec 2006
Posts: 154
I report to the chairman of the board, not the president, of a company that has more than a billion in sales per year. Since I will be eligible for a large stock grant in two years, I told them that I would leave at that time. My replacement in on board and doing well. Boss said fine, you can work half time for the last six months at full pay.
__________________

__________________
theloneranger is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-24-2008, 01:49 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,020
Quote:
Originally Posted by theloneranger View Post
I report to the chairman of the board, not the president, of a company that has more than a billion in sales per year. Since I will be eligible for a large stock grant in two years, I told them that I would leave at that time. My replacement in on board and doing well. Boss said fine, you can work half time for the last six months at full pay.
That's a great situtation to be in! You are in an exceptional position as a direct report of the Board Chair, who must obviously take a strategic view, including succession planning. Unfortunately, most people lower down in organizations are not treated with the same respect. Sometimes I see employees downsized or retired with no plans to replace them indefinitely, in the hope that someone else will pick up the work or that the jobs will be discovered to have been unnecessary. That kind of pennypinching can destroy the gains associated with years of effort.
__________________

__________________
Meadbh is offline   Reply With Quote
Old 02-24-2008, 02:23 PM   #23
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,608
I have also seen folks forcibly retired just shy of some significant milestone, such as pension vesting or stock options becoming exercisable. Glad you are confident in your work relationship, but most people will be unlikely to be in such favorable circumstances.
__________________
growing_older is offline   Reply With Quote
Old 02-24-2008, 04:49 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,983
Hard to say without knowing your exact situation, but I know what I plan to do. I'd like to give 2 months notice, but then they have the option of running me off 6-8 weeks before I want to go, and I intend to control how this goes down. So I will give my boss 2 weeks notice when I'm really ready to leave. If he accepts that, fine, but I think it's unlikely as my position won't be easy to fill either. Amicable departures among my peers have usually taken 1 or 2 months to fill. But MegaCorp has been more than fair with me all in all, so I will also tell him that I am willing to stay on for 2 months to fill my position, even help recruit (but not select) if he wants. And that's all I would tell him that day.

However, if he hasn't found a suitable replacement (and he hasn't chased me off) in 2 months, I will offer to stay on another 2 months, but I will be taking a lot of days off at my discretion where it doesn't disrupt the operation - again I don't think it will come to that. And truth is I'd be willing to stay as long as it takes, but I want to give them an incentive to get it done in 2 months (and I suspect they will). YMMV, best of luck.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 02-24-2008, 04:51 PM   #25
Recycles dryer sheets
 
Join Date: Oct 2007
Posts: 463
Quote:
Originally Posted by NotReady4Purple View Post
Yes, bssc. My comany works under the same policies and the state I'm in (Colorado) is an employement "at-will" state.
My general stance is 'you should deal with the company as they have dealt with their employees.'

So, given employment-at-will: they can (theoretically) tell you to pack it in tomorrow morning for any reason, or for no reason.

Your responsibility to the company is therefore the same. You can leave with no notice, for any reason or for no reason.

Then there is the issue of how the company has *actually* dealt with their employees - when layoffs occur, has there been notice, severance packages, and so on? If so, you should return the treatment and give adequate notice / train a replacement and so on.

OTOH, if the company's bottom line is 'this is a business and we have to do what's best for US', then you have no obligation to them to do more.
__________________
TickTock Rule Of Finance - heavily discount any promises of money/benefits to be paid to you in the future

"I've traded love for pennies, sold my soul for less" -Jim Croce, Age
TickTock is offline   Reply With Quote
Old 02-24-2008, 06:56 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
Hi NotReady4Purple,
I gave 2 months notice even though only 2 weeks was customary. I did this to reduce the negative impact of my departure on those co-workers I cared about. By the way, I'm curious about your forum name. When I first saw it, I though about something I saw on TV about mature ladies who wear purple and red hats. Is this it or does your forum name refer to something else? Again, just curious. By the way, my forum name "Purron" refers to my love of kitty cats and is the kitty version of "Right on"
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 02-24-2008, 07:17 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
One month's notice is more than sufficient unless you are a key employee. Notice in advance of that is rarely an incentive for management to transfer responsibilities smoothly.

I see you are keeping your personal business stuff at home, that is wise. Also manage your personal leave accrual, use what you could loose. If you need health care covered by your workplace insurance get that done.

If you see any signs of financial distress before you give notice that is the time to let your manager know that if w/he had to make a tough decision that you could weather a reduction better than many. To be rif'ed about the time that you would otherwise resign is nice. If you have given notice you probably wouldn't be included in the severance package.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Old 02-24-2008, 09:32 PM   #28
Recycles dryer sheets
 
Join Date: Feb 2008
Location: Colorado
Posts: 131
Hi Purron,

Good guess. It comes from a poem by Jenny Joseph


When I Am An Old Woman
I shall wear purple
With a red hat which doesn't go, and doesn't suit me
And I shall spend my pension on brandy and summer gloves
And satin sandals, and say we've no money for butter.
I shall sit down on the pavement when I'm tired
And gobble up samples in shops and press alarm bells
And run my stick along the public railings
And make up for the sobriety of my youth.
I shall go out in my slippers in the rain
And pick the flowers in other people's gardens
And learn to spit. You can wear terrible shirts and grow more fat
And eat three pounds of sausages at a go
Or only bread and a pickle for a week
And hoard pens and pencils and beermats and things in boxes.
But now we must have clothes that keep us dry
And pay our rent and not swear in the street
And set a good example for the children.
We will have friends to dinner and read the papers.
But maybe I ought to practice a little now?
So people who know me are not too shocked and surprised
When suddenly I am old and start to wear purple.


Right now, I'm not ready for purple - but someday....

Back to employment. My employer has laid folks off with two weeks notice - but they've provided very generous (many months) of severance and support.

I need to stay employed until my 55th birthday in order to get some company support for post-retirement health care subsidy - and that's one reason to tread somewhat carefully.
__________________
NotReady4Purple is offline   Reply With Quote
Old 02-24-2008, 10:02 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Then do not breathe a word until you are 55. It isn't a chance worth taking. Focus on surviving until then. Once you celebrate your double nickel then execute your exit strategy.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Old 02-25-2008, 12:41 PM   #30
Recycles dryer sheets
 
Join Date: Oct 2007
Posts: 463
Brat nailed it. There's no upside and a lot of downside for you if the company learns of your plans.
__________________
TickTock Rule Of Finance - heavily discount any promises of money/benefits to be paid to you in the future

"I've traded love for pennies, sold my soul for less" -Jim Croce, Age
TickTock is offline   Reply With Quote
Old 02-26-2008, 07:21 PM   #31
Recycles dryer sheets
 
Join Date: Feb 2008
Posts: 50
Welcome, Notready4purple;
When i gave my notice at the end of 2006 in a privately run company I had been with for over 13 years and had worked as a consultant 15 more, I gave 2 months notice. I was told I would not be allowed to play bingo for a chance of the big trips to Bermuda and stuff (so I did not go to the last christmas party). I was not really given a send off party except that so many people wanted one that they pulled something together in the board room. The very wealthy family gave me a $1000 gift certificate but did not really praise anything I had done for the company (this was not the way they had treated anyone else). I felt very strange for the last 2 months and they did not find a replacement for me for 6 months after I left. If you think this will happen to you give the minimal time. I am very happy now and I miss nothing in the work world.
__________________
blessed is offline   Reply With Quote
Old 02-26-2008, 07:53 PM   #32
Recycles dryer sheets
 
Join Date: Feb 2008
Location: Colorado
Posts: 131
Lot's of food for thought here. I do need to protect myself first.
__________________

__________________
NotReady4Purple is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
giving notice of retirement date 5 months in advance retiringat50 FIRE and Money 4 01-17-2008 12:37 PM
Alan Greenspan's book advance tangomonster Other topics 13 09-20-2007 12:07 PM
Earning interest on 0% CC cash advance checks CompoundInterestFan FIRE and Money 62 04-28-2007 10:49 PM
Is there a 0% cash advance credit card? Olav23 FIRE and Money 3 10-15-2005 07:42 PM
How much notice did you give to ER? cj Hi, I am... 24 07-26-2005 04:07 PM

 

 
All times are GMT -6. The time now is 11:17 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.