By some reports, more than 80% of executives say turnover is their number one concern. Retention, which hasn’t been a concern in the past due to limited job availability, is once again a measure on the dashboard. It’s a job seeker’s market, with more open jobs than people to fill them, which means employees and candidates now have choices.
Employers need to do more than in the past to attract top candidates and keep current employees engaged. This goes beyond what a company does. More than ever, companies need to focus on their employment brand and establish a clearly defined culture that includes an articulated mission, vision, values, and beliefs.
And what’s different today? Living up to your company’s employment brand is not only important during recruitment or employment – it’s critical to also emphasize and live up to your employment brand when an employee is leaving the organization, whether voluntarily to pursue another opportunity, or after being terminated.
It makes sense when you think about it. In today’s talent-demand economy, any person that is not a current employee is a potential employee. And what better candidate than one who already has the institutional knowledge of your organization? You need to ensure that departing employees are leaving the organization with a positive impression so they don’t self-select out of your talent pool permanently. Read on to learn about ensuring your company is treating departing employees well after termination.
It’s awkward, right? You’ve terminated someone, but now you’re trying to make sure they still think positively of you as an employer. Depending on the position, you probably have some tools and benefits to offer them. Maybe you have a severance package and, for certain positions, you probably offer outplacement assistance. This is no longer enough. In order to ensure an employee leaves on a positive note, supportive of the organization, and willing to recommend you to peers or to consider returning themselves, you need to do more. Employers need to court every possible job candidate.
Outplacement is no longer a one-size fits all approach geared toward the executive team. It’s a critical tool that plays a part in the curated employee experience, beyond employment to encompass turnover and departure, and needs to be offered more broadly in the organization. But, in order to offer outplacement to everyone, you need to deliver it in a more efficient, flexible, and cost-effective manner.
These days, people don’t even want to go into the doctor’s office, opting instead for virtual visits using telemedicine. They’re certainly not going to want to go to an office building to meet a career counselor during office hours, particularly during a period of their lives that is as stressful as being unemployed. This may still be appealing to some, but for many, you’ve probably just terminated them with a severance package and left them scared, insecure, and without a job. In order to create an appealing offer for your broader population, you need to modify the outplacement offering. Mercer Workforce Transition can help.
Mercer Workforce Transition is a comprehensive solution that combines deep thought leadership around talent strategy and cutting-edge technology to develop a customized solution for your organization. Job seekers who use our solution get back to work nearly two and a half times faster than the national average.
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