The Business Case for Outplacement Services
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A talk by Anisa Aven and Mauri Schwartz, MBA TurnKey Coaching & Development Solutions & Career Insiders Is there really a good business case for providing outplacement services? The fact is that poorly managed layoffs cost firms enormous profits. With every dispersed employee there are direct and indirect costs: State Unemployment Taxes Potential Legal and Litigation Expenses Increased Retained Workforce Turnover Brand Reputation Costs Join us as we discuss: What exactly are outplacement services and what's the benefit? How might a company DIY? How do we reasonably calculate the tangible and intangible costs and variables? Watch REPLAY here: https://leading-in-crisis.turnkeycoachingsolutions.com/talks/business-case-for-outplacement/ **Leading in a Crisis Free Virtual Summit 40+ Speakers:** https://leading-in-crisis.turnkeycoachingsolutions.com/
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The Business Case for Outplacement Services
- 1. OUTPLACEMENT SERVICES RIGHT-SIZING YOUR BUSINESS THE RIGHT WAY YIELDS POSITIVE BUSINESS RESULTS
- 2. THE ROI OF OUTPLACEMENT SERVICES HIGHER PRODUCTIVITY REDUCED LITIGATION IMPROVED PROFITABILITY STRONGER MARKET PRICE GREATER EMPLOYEE LOYALTY INCREASED PRODUCTIVITY REDUCEDTURNOVER IMPROVED ENGAGEMENT
- 3. WITH EVERY DISPERSED EMPLOYEE THERE ARE DIRECT AND INDIRECT COSTS
- 4. State Unemployment Taxes Legal and Litigation Expenses Increased Retained Workforce Turnover Brand Reputation Costs Predictable Direct & Indirect Costs
- 5. CURRENT AND POTENTIAL EMPLOYEES JUDGE A COMPANY BY HOW DEPARTING EMPLOYEES ARE TREATED.
- 6. 50% OF CANDIDATES SAY THEY WOULDN'T WORK FOR A COMPANY WITH A BAD REPUTATION - EVEN FOR A PAY INCREASE. (BETTERTEAM BLOG 2017)
- 7. 36% OF EMPLOYEES SAY A COMPANY’S MARKET REPUTATION IS “VERY IMPORTANT” WHEN CONSIDERING A NEW JOB. (GALLUP STATE OF THE AMERICAN WORKPLACE REPORT 2017)
- 8. 92% WOULD CONSIDER LEAVING THEIR CURRENT JOB IF OFFERED ANOTHER ROLE WITH A COMPANY THAT HAD AN EXCELLENT CORPORATE REPUTATION. (CORPORATE RESPONSIBILITY MAGAZINE, SEPTEMBER 2015)
- 9. PHASE 1: STABILITY & ENSURING BASIC NEEDS ARE MET Applying for Unemployment Tax Refunds or Deferment Mortgage Refinancing Deferred Rent Payments Other Deferred Debt Payments Family Budget Planning Health InsuranceOptions Food & ClothingOptions Creating a Personal Mission andVision Statement
- 11. By some estimates, voluntary turnover costs are somewhere between 33% to 200% of each lost employee’s salary. VOLUNTARYTURNOVER: Voluntary turnover costs companies more than $600 billion dollars each year.(1)
- 12. DOWNSIZING AWORKFORCE BY 1% LEADSTO A 31% INCREASE INVOLUNTARYTURNOVER INTHE NEXT 12MONTHS. (UNIV. SO. CAROLINA RESEARCH, ACADEMY OF MANAGEMENT JOURNAL, APRIL 2008)
- 13. ANTICIPATE A 31% INCREASE IN VOLUNTARY TURNOVER FOR EVERY 1% OF WORKFORCE LAID-OFF.
- 14. TURNOVER RATES ARE 28% LOWER FOR COMPANIES WITH REPUTABLE EMPLOYER BRAND (LINKEDIN HIRING SOLUTIONS INSIGHT TEAM SURVEY 7000+ 2013)
- 15. PHASE 2: PREPARING FOR THE JOB SEARCH Resume Writing Cover Letter Writing Letters of Recommendation LinkedIn Profile Optimization Understanding Job Boards Personality Assessments Creating aVideo Interview Identifying & Playing to Strengths
- 16. PHASE 3: CREATING AND EXECUTING A SMART JOB SEARCH PLAN Using the SMART Framework for the Job Search Networking for Jobs Managing Application Submissions Leveraging Social Media Using Job Search Support Groups Strategic Job Hunting New Skill Development
- 17. FOR EVERY 1% REDUCTION IN LITIGATION COSTS COMPANIES MAY SAVE $62,500 PER 25 LAID-OFF EMPLOYEES (U.S. SMALL BUSINESS ADMINISTRATION)
- 18. REDUCE STATE UNEMPLOYMENT (SUTA)TAXES An employer’s state unemployment taxes are verifiably reduced by offering career transition support. The longer a former employee remains jobless, the greater the expense to the employer.
- 19. ROI CALCULATOR A Strong Employer Brand Matters.Treat Dispersed Workers Compassionately to Protect Future Recruitment Efforts and Reduce Disengagement.
- 20. PHASE 4: CAREER MANAGEMENT Career Pathing Salary Negotiations Preparing 30/60/90 Day Success Strategy Career Goals and Mapping Out the Plan to Get tThere
- 21. 4-phase program 8 Job-search readiness & strategy webinars Psychometric strengths focused assessment & debrief One-on-one, technical readiness job coaching (resumes, cover letters, job boards, etc.) Interview skills & video feedback One-on-one career coaching OUTPLACEMENT SERVICES
- 23. Where to find additional information: https://turnkeycoachingsolutions.net/BusinessCaseOutplac ement Free ROI Calculator Spreadsheet: https://turnkeycoachingsolutions.net/free_outplacement_r oi_businesscase_spreadsheet Our Outplacement Services: https://turnkeycoachingsolutions.net/outplacement Downloadable PDF of Options: https://turnkeycoachingsolutions.net/outplacementpdf Free Outplacement Consultation: https://turnkeycoachingsolutions.net/outplacementconsult Free Career Transition Resource Guide https://turnkeycoachingsolutions.net/DL_careertransition