The last few years haven’t been easy for many of us. The job market has seen enormous changes, mostly for the worse, as employment has massively dropped and the concept of job security has, for all but a few, dissolved.
In response to the new state of affairs, outplacement is a range of services that have become ever more popular
In fact, if you are a business owner or executive who has to let employees go, you may be interested to know that outplacement is considered by many to be a standard service for companies to offer.
So what is outplacement?
It’s a diverse range of services, aimed at assisting those who have been made redundant transition back into work, through coaching them to sell their skills and experience to employers.
It benefits your outgoing employees, as the diverse range of services on offer are designed to help them transition into a job market which has undergone a lot of changes in recent years, and is continuing to change.
A team member who might not even have been with you for very long may have been hired from an environment in which anyone who wanted work could find some without too much trouble, and where there might have been quite a small pool of applicants.
In the current hiring environment, where recruiters regularly sift through hundreds of applications to find a candidate, applicants have increasing difficulty making themselves stand out.
That’s how outplacement benefits your ex-employees. But what’s the motivation for any company to foot the bill for the services?
It’s a perk like any other – like executive coaching and corporate retreats, the promise of an outplacement if the working relationship doesn’t continue as planned makes an advertised role even more desirable.
Having an outplacement strategy also demonstrates respect and care for your employees, which matters when cuts are taking place and morale is low among those still employed by you. And morale really does affect the bottom line – happy workers are more efficient and loyal to the business.
And quite apart from the fact that outplacement makes financial sense, it’s the right thing to do – your employees are free to take advantage of the services or not, but when your company arranges outplacement, it’s a real helping hand to those team members you’ve let go.
With the trend being towards businesses displaying their ethical credentials, the knowledge that you’re providing for your employees is likely to impress your customers too.
Many companies charge a flat fee for outplacement services that continue until the client has found a new line of work that they’re happy with. The case for caring for your displaced employees has never been stronger.