Halfway through 2021 (crazy, right?) and the ongoing global economic uncertainty will continue to force many companies to restructure in the latter half of the year. As a leader, you always want to do right by your employees. Especially when there are redundancies involved.
So, do you offer your loyal exiting team members a cash sum to assist the job search they will undertake alone, or do you offer them a bespoke personal coaching experience with a Career Transition specialist?
A cash sum (separate to severance, of course) and access to a Career Transition program are hallmarks of strategic, modern organizations that want to set their people up for success despite being made redundant. But increasingly, we see that the two options are not equal.
Sure, some people are naturals when searching for a new job, networking, building on those connections, interviewing, and creating an engaging CV. However, for many, it is a cumbersome and stressful experience. Some of those who are displaced right now have not had to apply for a job in years. Some were preparing for retirement in the not-so-distant future and now feel as though they are at a daunting and unexpected crossroads.
While cash certainly eases the initial shock, Career Transition is also a masterclass in strategical and tangible advice on how candidates can cut through the clutter of the online job market and position themselves for the best available jobs. A proactive Career Transition firm can also help individuals connect to job openings, many of which never make it to the online job boards.
There was a time when Career Transition solely focused on resumé writing and interviewing techniques. That simplistic approach is gone. Career Transition is now shorthand for reskilling, upskilling, and redeployment opportunities. Laid-off individuals are given an opportunity to re-imagine their careers, and Career Transition helps them identify the best strategies to realize their career dreams.
Finally, cash does not protect the employer brand as much as career transition. Organizations that offer outplacement support are perceived as companies that care about their employees. Displaced employees are set up for success, and disruption to employee engagement among those staying in the company is minimized. Research shows that best-in-class companies are 2.5 times more likely to use career transition.
Career transition is a win-win for both the company and the individual. And when it comes to redundancy, a win-win for both speaks volumes.