Thanks to changing economic fortunes, even the most carefully-run company may find itself forced to make layoffs. Reductions in the workforce are never fun for any of the parties involved, but if you want to do right by your departing employees, laying on outplacement services is an excellent step to take. Here are some of the reasons it’s worth considering:
- Provides career transition assistance to your soon-to-be-ex-employees.
- Puts them in touch with professional, talented career consultants who are capable of considerably speeding up their search for a new job.
- Links them with a capable and flexible team of career advisors who can provide considerable insight into the local economy. Sharing their contact networks can make it much easier to secure a new position.
How are you going to oversee outplacement services to ensure that you’re getting your full money’s worth? How can you quantify the services provided to your outgoing workers? How should the whole process be reported on when your company’s senior leaders ask about the benefits provided.
To put it in concrete financial terms, how are you going to calculate the return on investment you get from the cost of hiring the outplacement firm?
To start from the basics, you should know that providing some form of outplacement benefits is done by roughly 70 percent of companies that have to make systematic layoffs.
Outplacement services are typically integrated into the larger severance package offered to departing workers. Thus, you’re in very good company if your organisation elects to provide these benefits.
Your former workers are sure to appreciate the care you’re demonstrating by giving them this assistance. With the continued financial uncertainty facing companies in virtually every field, outplacement benefits have become a key part of the layoff process, especially for white collar, managerial, and executive employees.[Continue reading]