5 Reasons Why You Should Invest in Outplacement Services
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Technological advancements and other workplace trends result in reductions in force. The need to restructure workforces is an unfortunate, but inevitable, part of today's business ecosystem which can have long-term effects on future business success. Even as downsizing has become commonplace, an employee-centric approach is a growing trend that makes offering outplacement services a focus area for employers hoping to be empathetic and supportive during the exit process.
Here are five reasons companies should embrace investing in existing employees instead of simply letting them go:
#1 Invest in Employee Relations:
Even though they have been laid off, displaced employees have also contributed to the success of your business. Outplacement services help organisations maintain healthy relationships with impacted employees by offering them the guidance and coaching they need to land a new job.
#2 Reduce Unemployment:
During an impact, offering only severance pay is not enough to create new opportunities or satisfy your impacted employees’ needs to find a new job quickly. Recent business changes have created a skills gap and many of your laid-off employees may need to reskill or focus on transferable skills to appear relevant to employers. Outplacement services such as a professionally written resume, networking and job search advice from a career coach, and hand-picked jobs work in tandem to ensure that every employee impacted by the workforce transformations necessary in your business can compete for the best jobs faster than they can on their own.
#3 Liability Protection
When you are downsizing, putting your corporate values into practice and keeping your promises to employees will ensure that when it comes time to hire in the future, you’ll have the brand equity to attract the best talent. In addition, making sure your employees have support and services to help them find a new job reduces the likelihood that they will pursue legal avenues to seek compensation from your business. In the contemporary outplacement services delivery model, impacted employees are scheduled to meet with a coach within 24 hours of registering with the program.
Getting workers focused on their next career steps helps protect you from the legal remedies often sought by disgruntled displaced employees. Through partnerships with outplacement services providers, companies learn the best practices for delivering employee notifications while getting the services for employees that ensure smoother transitions.
#4 Increased Productivity From Current Employees
Often, due to the stress and activity that happens during layoffs, HR leaders and executives may forget that remaining employee are also affected by the changes. Planning for heightened communications and offering resiliency training for those people who must say goodbye to friends and colleagues will help keep morale higher and improve productivity. Outplacement solutions providers have the people and programs to support managers and retaining employees through the tough times. From notification through layoff and beyond to get businesses back on track, your outplacement partner has the best practices and expert advice to boost employee engagement and improve productivity post-layoff.
#5 Better Brand
When not handled appropriately, layoffs can result in damage to a company’s brand image. Providing outplacement support to your impacted employees is one of the best ways to protect your brand and enhance your reputation. Giving employees the support they need to find a new job demonstrates your commitment to living out your stated company values, and showcases your commitment to establishing employer/employee relationships that live beyond an individual’s tenure at your organization. When it’s time to hire again, companies that have a reputation for caring for employees to become employers of choice and are able to attract the best talent available.
Laid off employees need much more than a severance package. They need guidance and support that can help them in finding new opportunities. Outplacement services are a great way to support your employees with empathy and understanding in the transition period while protecting your brand.