In a spin off from a post in the "You're lucky you're able to retire" thread...
I'm curious how many folks negotiated a better handshake/package on their way out the door.
I've read articles that you should always ask for more. It can't hurt. But I'm wondering the process and success rate of this.
I hired on with megacorp A 17 years ago. Megacorp A split into 3, changed names, then changed names back to Megacorp A. Megacorp A was acquired by Megacorp B about 12 years ago. Last year Megacorp B was split into two - let's call the half I work for Megacorp C. And now megacorp C is being acquired by Megacorp D. Any day now... And the WSJ reports that Megacorp D is shopping my division out (even though they don't own us yet) to private equity firms.
Each of these transactions resulted in an overall downgrade of benefits, and most importantly, a new, less favorable, severance policy. It also resulted in a frozen DB pension from Megacorp A, and a frozen "Portable" Pension from Megacorp B (that is currently underfunded so not portable at all.)
I expect layoffs when the latest deal happens. My worry is that the severance policy will be wiped out - and I'd like to ask for more than the existing policy - especially the extension of health benefits.
Brett mentions having a lawyer lined up. I'm curious about this - was it effective?
Has anyone else negotiated for a better deal? Did you use a lawyer?
I'm not an exec... just a cube dwelling engineer. No C-suite packages will be coming my way.
Any advice?
If I get laid off - that will determine my ER date. If not - I'll hold out another 18-24 months (which Firecalc gives me 100% odds with those numbers.)
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The third was being ready, able, and extremely willing (with a lawyer lined up to represent me) when my employer of 25 years gave me a golden handshake.
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I'm curious how many folks negotiated a better handshake/package on their way out the door.
I've read articles that you should always ask for more. It can't hurt. But I'm wondering the process and success rate of this.
I hired on with megacorp A 17 years ago. Megacorp A split into 3, changed names, then changed names back to Megacorp A. Megacorp A was acquired by Megacorp B about 12 years ago. Last year Megacorp B was split into two - let's call the half I work for Megacorp C. And now megacorp C is being acquired by Megacorp D. Any day now... And the WSJ reports that Megacorp D is shopping my division out (even though they don't own us yet) to private equity firms.
Each of these transactions resulted in an overall downgrade of benefits, and most importantly, a new, less favorable, severance policy. It also resulted in a frozen DB pension from Megacorp A, and a frozen "Portable" Pension from Megacorp B (that is currently underfunded so not portable at all.)
I expect layoffs when the latest deal happens. My worry is that the severance policy will be wiped out - and I'd like to ask for more than the existing policy - especially the extension of health benefits.
Brett mentions having a lawyer lined up. I'm curious about this - was it effective?
Has anyone else negotiated for a better deal? Did you use a lawyer?
I'm not an exec... just a cube dwelling engineer. No C-suite packages will be coming my way.
Any advice?
If I get laid off - that will determine my ER date. If not - I'll hold out another 18-24 months (which Firecalc gives me 100% odds with those numbers.)