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.
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.
The outplacement services market...
will
grow at a CAGR of 18.1% from 2023-2030 - source
This level of support significantly enhances an employer brand, making the company a more attractive choice for top talent. It’s about offering a complete lifecycle experience that encompasses not only the time employees spend within an organisation but also how they transition out of it.
This approach also helps to nurture a strong culture of loyalty and engagement. When employees see their colleagues receiving compassionate support during transitions, it reinforces their trust in the firm. It’s a testament to values in action, translating into reduced staff turnover and absenteeism. Employees are more likely to stay committed and engaged when they feel valued and respected, even in the face of organisational changes.
I have seen first-hand how discussing redundancy policies and outplacement benefits upfront during the recruitment process is more than just a policy disclosure; it’s an opportunity to establish a relationship rooted in transparency and realism. This openness sets the tone for the employment relationship, highlighting that the company values honesty and clear communication. It says, “We value our people at every stage of their career journey with us.”
Survivors of a layoff event...
experience a 20% decline in job
performance - source
Placing outplacement in every EVP also aligns corporate values with behaviours. It’s one thing to state values of support, growth and employee welfare; it’s another to demonstrate them. Including outplacement services in a firm’s EVP is a concrete example of how a company lives its values, ensuring they are not just words on a website but embedded practices.
As we see more and more uncertainty in the global economy, I believe the quality of outplacement services for all firms will become of even greater importance.
If you’d like to discuss this topic further or find out how Hanover can help you, please contact me directly and let’s set up a meeting.
