In November of 2022, U.S.-based employers reported 76,835 layoffs — 129% above the 19,052 reported cuts announced in the same month of the prior year. Significant amounts of displaced employees coupled with a lowered economic output is a significant indicator of one big thing — a recession. The pressure this creates for organizations to weather whatever the economic downturn throws their way is tremendous, making the fact that only 29% of companies have a formal exit management plan in place alarming.
Implementing programs for your organization to cope and even thrive amid uncertain times is paramount in employee retention and strengthening rapport with your team. Career Transition Services (CTS) encompasses supportive infrastructure utilized to aid employees leaving the organization, with the goal of making this process as seamless and non-disruptive as possible. Deciding to downsize is never easy, but providing methods to assist those displaced employees has innumerable benefits.