Banks and Financial Services Can Offer Outplacement to All

For years, banks and financial services companies have offered outplacement services to professional level employees through the “c-suite,” primarily in a very traditional way. In many cases, employees like assistants, loan reps, tellers, customer service, and other non-exempt positions were left in the dark without a service.

As outplacement has changed and evolved over the years with the workforce to become more virtual and affordable, banks and financial services are now about to  offer outplacement to all employees affected during a reduction in force.

Thanks to the steady boom in technology, everything that can go virtual, is going virtual. The blending of outplacement with technology to bring us virtual outplacement has made it more affordable and more convenient than traditional outplacement services, and therefore, an all around attractive option for the banking and financial services industry.

This outplacement evolution is a huge benefit to the organization, affected employees, as well as the surviving workforce who tend to struggle the most. But as you consider a virtual program as an option to offer, you really want to make sure the content, personalization, and results are there. When reviewing outplacement programs for employees, consider whether the program meets the changing needs of today’s modern day job seeker.

• Is the program time bound? Job seekers need programs that will support them till they find their next opportunity, and studies have shown that participants with unlimited support find jobs paying an average of $10,000 more than current salary
• Is the program personalized to the job seekers need? A one size fits all outplacement program doesn’t work today. Job seekers need a program that is custom tailored to their needs.
• How robust is the technology offering? Job seekers today are looking for efficient ways to find a job quickly and will go elsewhere if they are not satisfied with the quality of the program.

The last benefit to consider is the customization of the program to fit the participant’s industry. Careerminds has created a technology platform which is tailored to meet the individual demands of the industry. For example, employees who are in banking or financial services have a tailored experience, and others who are in healthcare and government receive another. This not only helps the participant have a unique experience, they have a speedy transition as well.

Raymond Lee

Raymond Lee is the President of Careerminds, a global outplacement company based in Wilmington, Delaware. He has over 20 years of human resource, outplacement, and career consulting experience. He has his bachelor’s in psychology and holds a Master’s Degree in Industrial/Organizational Psychology from Louisiana Tech University. He is active in SHRM and ATD. Raymond’s been featured on SiriusXM Business Radio, CareerTalk, and the Wall Street Journal and he’s published a book titled, Clocking Out: A Stress-Free Guide to Career Transitions.