At the start of a new year, it’s a natural time to reflect on our achievements in 2023 and look ahead to 2024. Amid a time of global turbulence and economic uncertainty, we’ve seen a huge increase in restructures and downsizing. This has led to increased efficiencies, but has also involved redundancies. This in turn means Outplacement Services are more in demand than ever to create healthy and positive change management.
At times of high pressure and constant change, the support a company provides to its employees has a direct effect on their wellbeing, and the quality of their output. Outplacement Services are crucial to successful change management, allow a company to quickly bounce back, and protect their brand reputation.
The Business Case
Data shows that most companies offer these services because it’s the right thing to do – but there are tangible benefits which support the business case too:
- Brand image is protected. Employees of a company know a great deal about its inner workings, values and management. Negative feedback can be instantly shared on global platforms, with a ripple effect on future candidates, brand perception, revenue and even investment.
- The legal risk of action by staff who are made redundant can be significantly reduced.
- Existing employees are reassured and employee engagement is protected.
Trends and developments in 2023
This year, Outplacement Services focused on employee experience with an increasingly holistic approach, in line with a culture shift for HR in general. Data consistently shows that by increasing employee well-being, companies see increased performance, higher morale, lower turnover, fewer sick days and greater employees retention. Outplacement services are crucial to achieving these positive outcomes; acting as an attractive benefit for employees joining the company and a crucial resource during redundancies.
This year posed specific redundancy challenges. For employees who have been let go, they are facing a competitive, fast-paced job market with job insecurity and an ever-evolving, AI-driven recruitment process. It’s a bewildering prospect for even the most experienced professionals.
Impact of redundancies on remaining employees
Employees who survive layoffs are also deeply affected. One study showed that:
- 52% experience ‘survivors’ guilt’
- 65% are overworked
- 61% are less likely to recommend their company as a great place to work
For these employees, the redundancy process for their colleagues speaks volumes. If employees see their colleagues being treated as disposable, with no support or acknowledgement of their contribution from the company, morale plummets. The company is sending a clear message to all its employees: you are a number, not a person. Remaining employees will naturally disengage from their work, become less productive, invest less of their skills and efforts or even leave the company.
Impact on employees who are made redundant
For those who are let go, anxiety, shock and anger are common emotions. Employees who have contributed a great deal to their companies are now faced with financial stress, and often overwhelming concern about their future. Left unchecked, these feelings can cause serious mental health issues and foster understandably negative feelings towards their employers.
How to support employees and help the company bounce back
Outplacement Services supports employees leaving the company and dramatically increases their chances of finding new work in the months following redundancy. The process also supports the employees who remain, by providing reassurance that their colleagues are supported into new work; that the company sees its employees as valuable and – importantly – as people, not numbers. And if the worst happens and further redundancies take place, remaining employees will be supported too.
Successful Outplacement Services meet these challenges with a blend of empathy and practical support. That’s why City CV blends expert career coaching, CV writing, and personal branding with well-being and mental health support. It’s a holistic approach which is proven to create a positive transition for employees and consistently gets results for organisations of all sizes, and in many industries.
Case Study One: Financial Services
At a leading loans management company, we created a bespoke series of workshops to specifically address the needs of 160 individuals facing redundancy. Through small group sizes and tailored advice, guidance and support, 98% of candidates feel our support has helped them to move forward positively.
Case Study Two: redundancies at all levels
When a global media firm underwent a major restructure, we supported 50 individuals across all levels – and quickly helped them achieve their next position. The average time to placement was just 100 days.
Case Study Three: large scale restructure
A major cinema chain was forced to make several hundred employees redundant. We developed a six-month series of masterclasses covering everything from dealing with change to CV and LinkedIn profile writing, interview skills and transitioning into a new role. Within the 6 month programme, 90%+ of employees had found a new job.
Why should you outsource Outplacement Solutions?
It is the expertise of external providers which makes outsourcing so effective. By giving your employees tailored, expert support they can transition into new work much more quickly, and in a positive way
The confidentiality of an external provider is also crucial. At a hugely destabilising time, employees need to speak openly about their experience: how they are feeling, what they enjoyed and didn’t enjoy about their current role and what they want to do next. This reassurance allows employees to move on confidently and mitigates much of the ill feeling generated by redundancy.
How to choose a provider
Recruitment and career development are complex, and need a considered approach which allows candidates to flourish. Providers who recognise this are the most successful, providing carefully designed programmes which address both the internal and external work candidates need. The internal work will boost confidence, help a candidate understand their strengths and build an authentic personal brand. The external work will enhance their industry knowledge, help them to market themselves, build a winning CV and secure their next role.
A comprehensive programme designed in this way has a measurable impact on your employees’ career development, wellbeing, and transferable skills.
Outsourcing Solutions in 2024
So what can we learn from 2023 and take forward in 2024?
- The turbulent market conditions are unlikely to settle soon; global crises and economic uncertainty will continue, meaning it is likely we’ll see more restructures and redundancies.
- This outlook, combined with the development of a more tailored, holistic approach to employee experience, will mean a continued rise in demand for tailored Outplacement Services which deliver results.
Companies who pre-empt this need are best placed to respond quickly and effectively, protecting remaining employee engagement and greatly reducing risk and cost of the negative impact of redundancies for all involved. Building a resilient outplacement strategy before you need to make redundancies ideal. This strategy, communicated well, allays fears, calms nerves, and supports your team. It also maximises a company’s ability to bounce back – again with great financial benefits.
Outplacement Solutions at City CV
At City CV, we measure the success of our Outplacement Services with a number of metrics: employee experience, time to placement, positive brand perception, morale and engagement of existing employees. But above all, it’s the feedback from our clients which guides us, since they are experts in their business and what they need to succeed:
“The support City CV gave to my team and I, at a very difficult time, was invaluable. As a business leader, layoffs have to be one of the hardest situations to be involved in, for all concerned. City CV’s practical advice and compassionate approach helped my staff feel better prepared for the changes they were facing and more positive about their future prospects.” – Alison Newman, British Airways.
Find out more about our Outplacement Services