Layoff, RIF, merger, acquisition, downsizing – these are the first words that come to mind when we hear the words outplacement. Unfortunately, in today’s fast paced world and ever-changing business environment, many companies find themselves in these situations.
Your company may find itself facing massive operation costs, so you have no choice but to terminate employees. Some senior level executives may opt to leave as a result of reduced salaries. Events like this can have far-reaching effects to your employees, especially for executives who were employed for a long time.
Career transitions are difficult, especially when it seems sudden. It’s going to require too much time and energy to look for and get a new job. But they are especially tough for senior executives. This is why it is vitally important for companies to offer executive outplacement services to departing senior executives.
What is executive outplacement?
Executive outplacement is a service offered to support high level executives who are exiting the business, either voluntarily or involuntarily. These services are tailor-made to help them prepare for their next career move, so they land on their feet faster.
Most businesses offer an outplacement package as a severance agreement to laid off employees and executives. The sponsoring company pays for these services.
The package often includes resume writing, interview preparation, career counseling, and hands on support throughout the transitional period.
Importance of outplacement services for senior executives
Facilitate your employee’s transition
High level jobs are not typically on the job boards. That means, executives will have had fewer job opportunities as compared to those who are in middle management or normal employees. They will have a hard time finding a new role that is at the same or higher level than the one they are exiting. Moreover, many senior executives haven’t been on the job market in years, and aren’t used to marketing themselves.
All of these factors combined can make career transition an uncertain and stressful time for any executive. Executive outplacement services are aimed at helping senior executives tackle all these issues and more.
Outplacement services often include resume creation, coaching, consulting services, and a host of other services. With a professional by their side who can help them with all aspects of the job search, you can be sure that they are on the right path and will find a new, meaningful job after they are let go.
Protect your company’s reputation
Senior executives are thought leaders in their fields. Their opinions about companies and brands can be influential.
In today’s social media era, your company’s reputation hinges more on quickly written opinions on blogs, social media or job sites by current and former employees. Mind you, word spreads fast on social media. The last thing you want is for an executive level employee to leave your company with a bad taste on their mouth. This can easily ruin your company’s reputation.
One of the biggest advantages of outplacement services is that it helps keep these negative feelings in check. By providing outplacement services, you can ensure that your exiting staff and executives are in good hands while also maintaining a good relationship with your organization.
It protects your brand from any potential ill feelings and negative reviews that an outgoing executive may feel after being made redundant by your firm.
Take the stress off of you and your employees
Companies and organizations go through times of evolution. Unfortunately, layoffs are a part of life for some companies. The process can be financially difficult, stressful, and emotionally draining. When you add exiting staff and executives to the mix, things can get chaotic.
By outsourcing the demands of helping senior executives, you can send them off without needing to help them yourself. Plus, you won’t have to feel guilty for letting them go since you know that they’ll be able to find a new and meaningful job in the future.
Investing in outplacement services also helps reduce workload. It takes some of the weight off of the HR department. You, on the other hand, can go back to overseeing the day-to-day tasks and managing your organization.
Better plan for your workforce
Of course, no one wants to go through layoffs or downsizing. Sadly, some companies reach a point where layoffs are an inevitable option. You need to do what needs to be done to keep the business alive, even if it means terminating some of your people.
One of the best practices is to have an outplacement program in place for senior executives. It may not help prevent layoffs, but it allows you to better plan for your workforce. It will help you create a better work environment, where employees and executives will feel safe and appreciated at work.
When the time comes, you’ll feel better knowing that the outgoing senior executives can successfully make their next career step. Plus, it demonstrates that the executive’s welfare is taken into account.
Do your homework and shop around for outplacement provider that will meet and exceed your expectations. Keep in mind that not all providers follow the same outplacement services. It is your job to determine which firm offers the best solution for your outgoing senior executives.
Create brand ambassadors
We often think of brand ambassadors as someone who has, buys, or promotes your products and services to their family and friends. Have you ever thought of enabling and turning your employees to become brand ambassadors?
Your current and previous employees are your best public relations. The best way to spark brand advocacy isn’t offering financial reward. Rather, it’s about making a difference in their personal and professional lives.
When layoffs and downsizing happen, most companies want out without an investment. By investing on outplacement services, your employees will know that you care about them and their future. Those who stay may benefit too. They may have major shift in their sense of security, morale, and productivity in the workplace.
If a former senior executive can credit their old company for helping them get to where they are right now, this can build a tremendous amount of goodwill, and even trigger positive reviews and social media shares. This can help you grow your company’s social reach exponentially.
The upfront cost of outplacement services pale in comparison to the positive experiences your former employees and executives will share to the world.
Few arrangements in beauty and in life are a win-win on both sides. The beauty of thoughtful execute outplacement services is that they are a win-win for both employees and employers alike.
While outplacement services are often seen as an added cost, it should be seen as an investment that can generate great benefits in the future. When done right, it can help you show your commitment to your employees, strengthen the company’s image, and reduce the risk of labor claims.
The complex nature of executive outplacement means you should get professional help from the best outplacement firm. We can help you provide a seamless transitional scheme for your outgoing executives who need work before moving on from your company. We’d be happy to have an initial discussion to find out how we can help.