Laying-off and terminating employees can be challenging and, at times, unavoidable, whether it be due to budget cuts, underperformance, company downsizing, unbalanced team dynamics, or simply facing an uncertain economic climate.
These scenarios are extreme, but not unrealistic. Your business needs to prepare for the worst-case scenario and have a well laid out outplacement program that can support both the employer and former employee(s).
An outplacement program is a support service that is generally included in a severance package and usually consists of some form of career counselling, job search resources (including writing a resume and cover letter), and career development tactics. Essentially, they exist to equip the former employee with the tools they need, while evaluating their career and making a strategic plan for the future.
Here are five reasons why every company should have an active outplacement program in place before layoffs and terminations happen.
1. It Shows Your Current Employees That You Value Them
Having an outplacement program helps the terminated employee increase their self-esteem as they cope with the stress of the loss. Having your current employees see that you care about their well being from the minute they walk into the company to when they leave will increase morale and improve your retention rate. Valued employees are happy employees.
2. Makes You Look Like a Desirable Employer
When potential candidates are applying for a position with your company, hearing that you not only say you value your employees, but you show it is a huge determining factor in their application. Knowing that they are applying to a company that looks after the team is very attractive to high-quality talent.
3. Reduces the Risk of Any Legal Action Taking Place
Legal action of any sort is time-consuming, expensive, and extremely harmful to the reputation of your company. Having an outplacement program can lower the risk of a lawsuit happening, by giving the terminated employee a safe and confidential place to vent angry feelings, talk the situation out with a professional, help their mental well-being, and keep their focus on their strategy for the future.
4. Can be a Negotiable Severance Benefit
While money is nice and usually still included, an outplacement program can be a tangible benefit for a high-quality employee who was laid off due to unforeseen circumstances. Top-quality talent is always looking to increase their knowledge and employability while looking at how they can be strategic in their next career move. There is no better way to achieve this than choosing to be a part of an outplacement program.
5. Gives Your Company Credibly
If supporting your employees and empowering their careers is part of your company culture, having an outplacement program allows you to walk the talk tangibly. It shows you take the values of your organization seriously and that you prioritize the implementation.
If you’re looking to hire an Outplacement Service firm or need to implement a program, our team here at BullsEye Recruitment can help. We can provide your former employees with the tools they need to be strategic with their next career move, while helping you bridge the transition and figure out what the next step for your company may be.
Contact us to discuss how we can help develop and implement your Outplacement Program.
P: 403.264.2242
E: trevor@bullseyerecruitment.com
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