Tom Sweeney

It's a coming of age tale….

Posts Tagged ‘RRSP’

Recession will change retirement plans…

Posted by sweens on May 11, 2009

When I was twenty one and was nearing graduation from University, I was continually flooded by professors, friends, family, etc; telling me how great it was to be my age.  I would have ample opportunities for employment as my generation was supposed to replace the baby boomers within the work force.  Sounded great at the time – but its not looking that way right now!

It seems to me that with the current recession we are facing, many individuals who had plans on retiring over the next few years are going to be putting those plans on hold.  RRSPs have been hurt with some people losing up to 50% (if not more) of their nest egg that they had planned on using for retirement.  It is not such a great time to be thinking retirement now is it?

As such, many of  these baby boomers who were supposed to be retiring in the next while are likely going to remain in the labour market while they try to rebuild their retirement savings.  This will likely mean less change within the labour market and the younger generations – like mine – will likely be shut out of many highly sought after positions for a little while longer.

Perhaps growing up or getting older is not looking as good as we all thought it would…

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Compensation Packages: Let’s talk…

Posted by sweens on February 10, 2009

Further to my entry yesterday, candidates should be prepared to discuss with a recruiter what their ideal compensation package would be.  This means, aside from your base salary, what other compensation factors are you looking for:


         Benefits package

         RRSP Matching

         Stock Options

         Vacation Time

         Closed over Christmas


While many of these may seem trivial or miniscule for most people, these elements can make or break a successful offer from employer to employee.  These factors can also be used as a way to offset a bridge that can not be crossed when it comes to agreeing on a base salary.  What I mean by this is that if you get an offer of $5000 dollars less then what you were hoping for and the employer is unable or unwilling to give you that, you may consider asking for another week of vacation to offset that monetary difference. 


The ability to negotiate RRSP matching is likely non-existent – as it is generally a company policy – however the ability to negotiate the start of benefits, or your eligibility to acquire stock options are often based around the level of your position or seniority in the company and can be tweaked on an individual basis.  These small changes may sweeten an offer for you or allow you to accept a position that is going to pay you a lower base salary then you had hoped for. 


Most offers can work out to be beneficial for both sides; it is just a matter of finding the right combination that keeps everyone happy. 

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