As an employer, one of the most difficult decisions you may ever have to make is choosing to let go of a member of your team. In recent months, this has only been amplified by the severe economic downturn we’ve seen as a result of Covid-19. Left with no choice but to scale back and reassess where their weaknesses lie, 1 in 4 businesses are expecting to make redundancies due to the crisis.
Outplacement services can be a lifeline in these difficult situations, helping to alleviate some of the guilt that the employer may feel about laying off a hard-working employee. These specialist services offer advice and support to aid employees in making their next career move. Once upon a time, outplacement was reserved for those in senior managerial positions. However, in recent years, we’ve seen organisations offer this support to all employees, regardless of their role.
So, why are so many businesses choosing to support their employees, even while they’re making their departure?
Part ways on good terms
In the professional sphere, burning bridges will very rarely work in your favour – whether it was intentional or not. This not only applies to the employee who is exiting the business, but to their employer too. By easing their departure from your own company and easing their arrival at another, you’re acknowledging the value and expertise that the employee brings to the table and bettering your chances of successfully working together again in the future.
Provide stability during an uncertain time
For the individual, professional outplacement can provide both emotional and financial support. Most companies will work alongside a third-party organisation to provide this service, which leaves employees feeling more comfortable with opening up about any queries and concerns. Many additional questions may also be raised about how the redundancy process will be affected by the long-term impact of Covid-19.
Signpost possible ways to move forwards
If the employee has been with the company for quite some time, it’s likely that they will need to learn to navigate a vastly different career landscape. At first, they may feel completely lost, simply asking themselves ‘well, what now?’. This is where professional outplacement teams can lend a helping hand, by pointing them in the right direction and providing an overview of the sector in its current state, as well a valuable insight into recruitment trends.
Boost morale and productivity
It’s no secret that redundancies lead to a dip in morale in the workplace, especially during times of economic crisis. Once the news of a redundancy spreads, other employees begin to wonder if they’ll be the next to go – or, in some cases, which of their colleagues will be. It’s estimated that 46 per cent of your team will experience a significant drop in morale, causing productivity levels to decrease too. Knowing that, in the worst case scenario, there’s a net waiting to help break the fall, you might just be able to give them a little more peace of mind.
Protect your company’s reputation
Understandably, it may seem counterintuitive to invest in staff that are leaving the business – especially when you’re trying to cut costs. But an investment into your employees’ wellbeing won’t go unnoticed, both to your current employees and the ones you may employ further down the line when business picks up again. Millennials are typically the generation most concerned with workplace wellbeing, but this sense of trust and commitment to your team will be appreciated by staff of all ages.
At the end of the day, all businesses have to make cuts every now and again – especially when a global pandemic has been thrown into the mix. Redundancy will never be easy, but ultimately, it’s the way in which you handle the situation that will have the longest lasting impact on all parties involved.
Paragon are the recruitment partner of choice for many of the Island’s premier employers. As part of our recruitment registration process, our Recruitment Consultants provide current jobs market overview, together with professional job search support and advice, to help each individual to make the most of their own Isle of Man job search.
We also deliver professional Outplacement support through our Workology services to Isle of Man businesses in all industries; here we define and deliver practical, adaptable and effective personal outplacement plans.
Our unique approach enables organisations to select an appropriate level of support from a series of 3 programmes. We design and facilitate workshops for both 1-1 and group sessions bespoke to each business and individual, working with a team of industry professionals in areas of careers, employment, marketing and executive coaching.
From strengths profiling, positive psychology and resilience work, CV building and interview performance coaching, to personal branding and job search strategies, we facilitate positive action planning to enable individuals to move on quickly and effectively.
Contact the Paragon Team to find out more.