A Small Investment That Goes A Long Way

by Angela Loeb

Although it may only seem like a bottom-line decision, you are well aware of just how emotional laying off employees can be. Nobody enjoys having to do it, but it’s must be done, and it’s up to you to take care of it.

How you proceed will make the difference in your employees’ outlook about you personally, as well as their overall experience with your company. Naturally, you want them to carry a positive message about you and your company’s brand. When they feel they were valued while with you and during the layoff process, it will come through in their conversations with other business associates in your industry and in the community.

The most common way for companies to show that they value employees during such an event is by offering a severance package. However, it’s not the only way. There’s a small, compassionate investment you can make that goes a long way in offering several benefits to everyone involved.

It’s often referred to as “outplacement” services. Of course, the term “outplacement” implies that your employees are going to be placed into new jobs. Yet that’s not what outplacement is at all. To be specific, what happens is that an independent, qualified career expert assists your former employees in areas such as resume and LinkedIn profile development, advising on job search strategies, interview coaching, etc. Such career consulting programs usually consist of one-on-one sessions with the career expert, but the services might also include a workshop, webinar, and/or on-demand resources. And because job loss leads to feelings of uncertainty, most transitioning employees share that they also appreciate the extra boost of confidence such support provides.

Did you know that when exiting employees receive career transition support they find new jobs 20% faster than those who don’t? There are 2 major advantages to helping your employees get new jobs faster:

  • It conveys the right message about you and your company’s brand in the community, especially useful during a time when you may already be dealing with so much regarding your company’s PR image.
  • It’s good for the company’s bottom line because, as you know, the sooner a former employee is hired elsewhere, the better for your unemployment insurance liability. (Read Jeff Oswald’s insightful article about the cost of unemployment to employers.)

A layoff has ongoing ramifications and doesn’t end when you hand over an employee’s last paycheck. Not only for the employee, but also for your remaining workforce because let’s not forget that you’re also dealing with their feelings too. There’s going to be an energy in the air of uncertainty, perhaps mixed in with the guilt-ridden relief that comes from being “spared.” They are watching how you handle everything, wondering how you might handle their own termination one day.

Everyone is under a lot of pressure when there’s a workforce reduction, even if you’re terminating only one employee.

Showing everyone – your exiting employees, those who are staying, your future hires, and the business community at large – that you care for your people makes a difference. And since outplacement services are also affordable, help your bottom line, and raise your company’s brand image in the community, it’s a small, compassionate investment that goes a long way.

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If you want to know more about how AustinPeopleWorks can help you with outplacement services, please contact us – https://austinpeopleworks.com/contact