Exit package negotiation in New Zealand refers to the process of discussing and reaching an agreement between an employer and an employee regarding the terms of an exit package. This negotiation typically occurs when the employee’s employment is terminated or made redundant.
During exit package negotiations, both parties have the opportunity to discuss various aspects of the package, including financial compensation, non-financial benefits, and any other terms that may be relevant to the employee’s departure.
Employees may negotiate for a higher amount of severance pay, additional benefits such as extended health coverage, or access to career counseling and job placement services. They may also negotiate the terms of any post-employment restrictions, such as non-compete or non-solicitation clauses.
On the other hand, employers may negotiate to limit their financial liability, protect company interests, or request certain conditions as part of the agreement.
It is important for both parties to approach exit package negotiations in good faith and with a willingness to compromise. Negotiations can be conducted directly between the employer and employee, or with the assistance of legal counsel or professional mediators.
Employers and employees should be aware of their rights and responsibilities during the negotiation process, which may be influenced by New Zealand employment laws and any relevant employment agreements or collective bargaining agreements. It is advisable for both parties to seek legal advice.
In summary, exit package negotiation in New Zealand involves discussions and agreements between employers and employees regarding the terms of the package when employment is being terminated or made redundant. It requires open communication, good faith, and a consideration of legal rights and obligations for both parties involved.
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