Executive outplacement is fundamental to the career transitions of Director-level executives and above, however, it is consistently undervalued as a tool that benefits both an outbound employee and their employer. With a proactive approach to executive outplacement, companies can ensure the continued success of their personnel, both current and former.
What is Executive Outplacement?
Executive outplacement is a service provided to C-Level executives following layoffs or a workforce reduction. Outplacement consists of multiple components, including resume writing, interview support, career coaching, and negotiation strategy development, and can often be adjusted to meet the individual needs of departing staff. The goal of executive outplacement is to enable a successful and timely transition from one company to another, with the ultimate objective of securing an executive a new role at the C-Level.
Beyond the technical career support, executive outplacement services can instill a sense of confidence and direction in laid-off staff. The return on investment is high, as employees that are engaged in executive outplacement services will cultivate a deeper understanding of the job market and how to meet their unique goals. An executive outplacement provider serves as a guide and navigator and should bring forth a wealth of knowledge regarding each and every aspect of the job search.
Why is Executive Outplacement Important?
More than just a sign of goodwill, executive outplacement services offer numerous benefits to employees and employers. Companies that provide executive outplacement service mitigate the risk of legal actions brought against them as well as losses in brand reputation that could stem from a disgruntled employee sharing a negative experience with their network.
Not only does executive outplacement support outbound executives in finding a home at a new company, but it also can ease the minds of current employees who may be unsettled following layoffs. Executive outplacement is a sought-after benefit that can even be utilized to appeal to potential new hires.
While there are costs involved with executive outplacement, many employers see this as an opportunity to put their money where their mouths are with regard to creating a familial workplace culture. If your company prides itself on caring for its own, this does not have to end at the time of termination.
How do you Select an Executive Outplacement Provider?
There are many executive outplacement options on the market, however, not all are created equally. To maximize the success of executive outplacement, it is key to select a recognized provider with experience in the industry and field of the departing employee. Just as no two executives are the same, executive outplacement services should be tailored to address the goals and needs of their recipients.
It is crucial for recipients of executive outplacement services to build a relationship with their provider, so search for companies that offer one-on-one meetings with an outbound employee and the professional they will be partnered with. These meetings are typically offered via phone or a video meeting tool, but some providers also feature on-site appointments. Whether an executive outplacement service is facilitated in-person or online, it is important that open lines of communication are upheld.
In order to ensure that an executive outplacement provider is qualified, look for firms that have full-time resume writers and career coaches on staff. Ideally, these individuals should be certified in professional and executive resume writing and coaching. Rather than working with freelancers or contractors, executive outplacement providers with a full-time staff offer much more extensive support and resources with the added benefit of team collaborations throughout the resume writing, career coaching, and interview preparation process.
Not sure where to begin? Employment BOOST offers industry-leading outplacement services with the flexibility to align with your organization’s needs.