9 No-Fuss Ways to Figuring Out Outplacement for Senior Executives
October 16, 2017 by Martina Markovska
Many businesses have trouble figuring out outplacement for senior executives. However, finding an outplacement program is simple enough when you know what your end goal is – to provide a seamless transitional scheme for outgoing senior executives.
Before we get into it, though, laying off an executive can be tricky. The best way to handle these moments is by usingh a layoff script to keep the meeting on track while also allowing the executive time to process. If you do not have a layoff script or would like to update your current one, you can download ours here:
Here are ten easy ways to help you plan and present a suitable outplacement package for senior executives.
1. Define outplacement for senior executives
The first step to figuring out your outplacement for senior executives is to understand what it actually means. In basic terms, outplacement is a service provided by an organization as part of an exit package to laid off employees.
The purpose of outplacement for senior executives is to help them transition into a new professional role. It’s particularly important for senior executives to receive this kind of support since high level corporate jobs are usually more difficult to come by. Outplacement packages for senior executives include career counseling, resume writing, interview preparation, and hands-on support throughout this transitional period.
Furthermore, outplacement is a major part of corporate restructuring and helps businesses retain their company image whilst pursuing their business model.
2. Develop an outplacement program
Outplacement programs incorporate a range of services for a smooth transition into the job market. Depending on your budget and company vision, an outplacement program can include any or all of the following:
- Career counseling
- Resume writing
- Social networking
- Industry meetups
- One-on-one career coach consultation
- Interview preparation
- Networking tools
- Job search technology
- Ongoing placement support
- Expert guidance
It’s crucial that you use a result-driven outplacement program for senior executives. Revise your outplacement program to ensure the best leave conditions possible.
3. Calculate outplacement services cost
There are many factors to consider when calculating outplacement services costs. What type of outplacement services does the outplacement firm offer your employees? Are there any term limits or retainer fees? Use this free outplacement calculator to receive an estimation of outplacement costs based on your circumstances and the outplacement serv
4. Understand the outplacement process
There are several steps involved in the outplacement process for senior executives. Ideally, your senior executive outplacement timeline should look something like this:
- Initial meeting between an outplacement consultant and the senior executive to discuss their situation.
- Formulating a marketing strategy for an online approach, namely fine-tuning the executive’s LinkedIn profile and tweaking their resume.
- Building job opportunities via networking, referrals, and communicating with career professionals.
- Preparing senior executives for various types of interviews with advice on presentations and insight into possible interview questions.
- Helping executives negotiate job offers in terms of salary, benefits, and contracts.
- Ongoing support until job placement.
It’s important to note that every outplacement firm has a different approach and that each outplacement process is determined by specific cases.
5. Attend industry conferences
You can meet a lot of industry leaders at conferences with whom you can discuss outplacement services. Most businesses offer outplacement packages as a severance agreement so you’ll surely find someone who can share their experience with you.
6. Create a transition strategy
It’s vital that your HR department works closely with the outplacement firm to develop an effective transition strategy. This is to help introduce a better work environment so future executives and employees can feel safe and appreciated at work.
To develop an effective transition strategy, your outplacement provider should be current with today’s technologies and trends, staying one step ahead of the curve so you don’t have to.
The best outplacement firms provide your employees with one-on-one consultations, workshops for smaller groups, and even seminars for larger groups. They also provide online platforms, networking support, face-to-face meeting time – if that is what the employee wants/needs – and eventually helps them land a placement.
7. Find the best outplacement firm
Different outplacement firms offer different outplacement services. Your job is to determine which one offers the best solutions for your outgoing employees, namely senior executives.
Most outplacement firms offer the same services, more or less. What separates the wheat from the chaff is the methodology. For example, Careerminds is the only outplacement firm that doesn’t have term limits. Instead, we have a personalized approach and work with your outgoing employees until they are placed.
So make sure you do your homework and shop around to find the best outplacement firm worth your time and money.
8. Identify the benefits of outplacement
The benefits of having an outplacement program in place for senior executives are just too good to ignore. With the implementation of an outplacement package, you are setting up the terms of a diplomatic severance with the senior executive. Without an outplacement program in place, you risk experiencing the following business setbacks:
- Litigation risk – If the senior executive feels there is no foundation for their termination, they may file a lawsuit. This may result in tarnishing the company’s public image.
- Reputational risk – Reputational risks may arise as a result of disparagement. This can attract bad publicity and make it difficult to recruit a new senior executive.
- Revelation risk – This encompasses what the terminated executive may reveal about their employer. Although confidentiality and non-disclosure agreements are supposed to protect the leak of harmful information, there are less classified details that the executive can reveal of equally damaging nature.
- Rejection risk – A senior executive may refuse to sign or accept an agreement if they believe the company doesn’t take their interests into consideration. Having an outplacement package demonstrates that the executive’s welfare is taken into account.
Outplacement programs help senior executives come to terms with the end of their employment. Additionally, it will give them a heightened sense of security, and the confidence to move on with their career instead of harnessing bitter emotions that aren’t beneficial to neither themselves nor the business.
9. Read case studies and reviews
Going through case studies, reviews and referrals is an effective approach to figuring out your outplacement strategy. By acquainting yourself with someone else’s experience you can proficiently plan and pursue your own outplacement goals. Just make sure you have access to trusted sources with genuine experience in outplacement services.
The good news is you don’t have to figure out your outplacement for senior executives on your own. We can help you develop a tailored outplacement program that’s in line with your company objectives.
Sometimes it’s simply better to leave it to the professionals.
Get in touch with Careerminds today to schedule a free live demo.
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