Heidi Hayden, Chief Human Resource Officer with Epstein Becker Green, was quoted in an article titled, “Make It Easier to Say Goodbye.”
Following is a brief excerpt:
Managing an early retirement incentive plan, says Hayden, “requires a lot of work, and you really feel like your reputation is on the line. You just told the organization, ‘I’m going to save you X dollars.’ The last thing you want to have to do is go back and say, ‘Well, our assumptions were wrong.'” …
Effective early retirement programs, Hayden notes, require about two to four months of detailed planning for a broad range of considerations, including:
- Business rationale for the program.
- Benefits in the offer.
- Cost and benefits to the organization.
- Impact of the offer on workforce productivity and morale.
- Legal implications.
- How the offer will be communicated — perhaps the most important planning of all….
Hayden carefully considers who will present the offer to employees. “The person who delivers the news should have an established rapport and a high level of trust,” she adds. …
Identify “what you’re trying to achieve for the business,” Hayden says. …
The business case for early retirement program must add up for employees as well as the employer. “Understanding what’s important to employees who will decide whether to accept the offer, and then make sure the program addresses those issues,” Hayden says.