Even during times of economic boom, layoffs happen. Frequently, as companies are reporting greater profits, they might be concurrently reducing particular business units or slumping old product lines. For instance, major companies, such as Walmart, Intel, and Bank of America cut 17,500, 12,000, and 8,000 projects respectively last year. When these brands continue to flourish, grow, and employ, they are also cutting tasks to remain competitive and profitable.
Partly because layoffs are now so commonplace and partly as a means to defend the new and save costs related to layoffs, nearly all organizations now provide outplacement to at least some of the workers.
Surprisingly, most executives estimate that roughly 40 percent of workers who get outplacement never utilize the services, based on the Wall Street Journal. Though outplacement services are paid for by the company and provided free of charge for workers, also many qualified employees are passing on the opportunities available through outplacement services and exposing the manufacturers who supply them to the exact negative consequences they are trying to prevent. If businesses aspire to get the advantages based on outplacement, they have to get a means to increase worker participation and measure outcomes against investment.
To Take Advantage of outplacement services and make sure workers stay engaged during the process, organizations must avoid four common drawbacks, for example:
Failure to quantify and monitor the effectiveness of all outplacement
Providing outplacement services that don’t match worker Requirements
Bad technology and availability for outplacement services
Forgetting to Deal with the demands of staying employees
#1 MEASURE AND TRACK
If it comes to outplacement, data has always been a bit of an afterthought or hard to achieve. The absence of actionable data and the problem of assessing the data that has been made available has made putting KPIs for outplacement and redeployment programs nearly hopeless. Contemporary outplacement solutions today make information about leaving worker experiences available in simple to use and see dashboards offering instant benefits and actionable data. Nowadays, organizations have the insights that they need to make strategic business decisions moving forward along with also the data they should establish ROI on outplacement services.
Since HR professionals look around to their counterparts in other departments, they are realizing the significance of data on the decision making and planning process. Many HR professionals are knowledgeable enough to realize that by efficiently collecting and assessing data for each and every stage of employment, for example information regarding departing workers, they could make smarter decisions concerning each stage of their individual management lifecycle.