In challenging times and during economic uncertainly that impacted companies in the last year, many businesses were under financial pressure and needed to consider solutions that would reduce costs through workplace restructures. The decision to make significant changes
in your business is a tough one, but when these changes involve downsizing, redundancy, and cutting costs, it has a tremendous impact on employees leaving the organisation as well as those remaining.
Redundancy can be devastating, and for the people affected, it is often more than lost income; it is also a loss of purpose and identity. Additionally, the stress about the future and the next steps can be overwhelming for anyone who is facing redundancy. With all this in mind, the act of letting employees go is a difficult experience for business owners and managers too. However, there are measures you can take to make redundancy a more positive experience by implementing an employee-centric, compassionate approach with outplacement solutions.
Businesses should invest in supporting their exiting employees by providing practical assistance rather than letting them go without help. Having an outplacement strategy in place has become an essential component of the redundancy process for organisations of all sizes in order to provide staff with support. Outplacement support demonstrates strong corporate social responsibility, and by supplying outplacement services, your company will ensure that your employees have the help they need to transition to the next chapter of their careers.
What Is Outplacement?
As mentioned, outplacement services provide assistance to employees in finding new work when your business is facing decisions to downsize through redundancy. The services available to your staff typically include CV reviews, job search advice, interview training, career assessments, and personalised coaching. However, outplacement services are about more than investing in helping people who are no longer your employees; it is also about your company’s reputation and brand as well as the employees who remain.
Finding The Right Outplacement Partner
Finding the right outplacement partner depends on you and what you want for your company, as many organisations provide outplacement in order to check a box. These organisations’ focus is chiefly on the cost, which means they don’t mind if employees don’t use the service, and there are many outplacement solutions such as low-cost and virtual coaching options for these businesses.
However, a growing number of businesses want more from their outplacement strategies as they recognise the return on investment in relation to their brand. Your company reputation significantly affects your ability to recruit the best talent in your field, and redundancy can negatively impact a business’s reputation and, as a result, reduce the applicants to your organisation. The modest cost of outplacement is the ideal solution to maintain and improve your brand, which means the effectiveness of the outplacement partner in reaching out, connecting and engaging with exiting employees is vital. The right partner will provide personalised services at great value. A good example of a provider that offers excellent services to improve your brand and employee security are outplacement services by Randstad RiseSmart.
Provide Security And Preserve Work Culture
Outplacement services do more than support exiting employees as they also provide support for remaining staff. Redundancy causes increased anxiety among surviving employees, who often wonder if they will be next and the knowledge that colleagues got help finding new jobs does a lot to calm those fears. Additionally, outplacement also creates a culture of loyalty, as staff can see you care about exiting employees.
When you provide advanced notice of the redundancies, this will allow exiting employees to begin using outplacement support while still at their jobs. Getting a head start on utilising the outplacement services will mean the staff are better prepared to hit the ground running when their employment ends, but it will also mean that they will continue to be ambassadors of their previous employer’s brand, often endorsing the company online or to friends.
Why It’s Good For Business
A strong brand as an employer is critical for attracting new talent when you are in a position to begin hiring again, and in the current job market, it is even more essential than ever before. When you ensure that exiting employees are focusing on their careers rather than their frustrations at the situation, you can reduce the adverse impact on your social reputation.
In today’s digital world, disgruntled employees who are upset about redundancies are no longer only complaining to their immediate family and close friends; they are also taking to social media and reviewing the company on employment sites, which will do substantial damage to your employer brand in the process. When your company is trying to attract top talent further down the line, the bad reviews and social media comments will impact the prospective candidate’s decision to apply to your company, and the right outplacement solutions can significantly reduce the impact on your reputation.