2024 will see more businesses integrating outplacement services into their EVP
In this week's Hanover Talent Insights:
?? More businesses to include outplacement to enhance their EVP
? Top tips on choosing the right outplacement support
?? Watch our video showcasing Hanover's services and expertise
2024 will see more businesses integrating outplacement services into their EVP
"It’s one thing to state values of support, growth and employee welfare; it’s another to demonstrate them. Including outplacement services in your EVP is a concrete example of how a company lives its values" - Victoria McLean , CEO - Talent Solutions
With statistics showing an almost 20% increase in the outplacement market over the next few years, I predict that 2024 will see more businesses integrating outplacement services into their employee value proposition (EVP).?
This strategic move is about more than providing support during periods of transition; it’s a powerful statement about a company’s commitment to its employees, even beyond their tenure.?
Incorporating outplacement in an EVP sends a clear message of care and responsibility towards employees’ wellbeing and career development. The reassurance an employee feels, knowing that if and when their time with the company ends, they won’t be left to navigate the uncertainty of job search alone, cannot be underestimated - nor can the impact this has on all employees’ loyalty and productivity.?
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Top tips on choosing the right outplacement support
How organisations conduct themselves when implementing redundancies has a lasting impact. Not only on the lives of departing employees, but also the future of your company brand and reputation. More than ever, we need leaders who value people and treat everyone with openness, honesty and respect.?
That’s the right thing to do, but it also makes good business sense - one study found that 74% of layoff survivors say their productivity dropped, and 69% said that the quality of their company's product or service declined since redundancies were announced.
Why choose outplacement support?
Employers choose outplacement support to meet different employees’ needs. Sometimes it’s practical advice, training materials and workshops to help staff identify their key skills and transition to a new role after redundancy. But it can also take the form of support to help them explore different career options, perfect their CV and use technology and social media platforms effectively to look for a new job.
Your departing employees may be looking for help to find a new, similar role. Then again, they may be ready to try something completely different or even start their own business. Whatever their ambitions, you can help them feel much more confident about the future by putting effective outplacement support in place.
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