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With a potential recession on the horizon, we know you want resources to help your business master the moment. We've put together our Agility & Excellence Resource Center to bring you strategies and solutions with a finger on the pulse of what's ahead.
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.
What’s Involved in CTS?
Services involved in Career Transition Services differ from organization to organization but typically include the same core amenities:
1. Personal Branding Materials – This can include anything from creating a new, dynamic resume to refreshing the employee’s LinkedIn presence. A revitalized approach to these materials will make them standout in the hiring process and give them confidence in finding a new role.
2. Professional Interview Preparation – If it’s been a while since the employee has had to go through a formal interview process, they might be a little rusty. Conducting mock interviews with commonly asked questions within their field will prepare them for an interview experience they can assuredly dive back into.
3. Career Search Strategies – Sometimes the hardest part of change is simply deciding to start the process. Providing an employee with viable job opportunities and professional connections will soothe this commonly uncomfortable and stress-inducing experience.
For displaced employees, CTS provides job search benefits throughout the entire process, including adjusting to the emotions of being laid off, preparing for a job search, creating social media and networking strategies, taking part in interview training and, eventually, finding the right job for them. Providing this support for your team members is something they’ll deeply appreciate and potentially keeps the door open to welcome them back in the future. Additionally, they could become a strong advocate for your organization long after they’ve moved on.
What you may not realize is how enacting CTS within your organization can be a powerful retention tool. For those employees who remain with the company, seeing their former coworkers supported by CTS may help lessen the blow of losing their colleagues and friends. Knowing that their former teammates are treated with compassion and care should prevent or at least reduce the length and intensity of decreased morale and productivity that is normal in a severance process. This could also help motivate employees to stay loyal to your company.
Stay One Step Ahead of the Economic Downturn
No business leader has an easy time during a recession, but that’s exactly why we’re here for you. Connect with us, and we’ll provide you with resources and expertise to not only manage but also thrive amid uncertain economic times.