Downsizing and workforce reductions are some of the most difficult decisions that HR Leaders make during their careers.
They have to balance the strategic importance of achieving their key objectives – cost reductions, synergies, reorganizations – with the impact that it has on the people who are impacted.
To help in this transition, outplacement solution firms like The Frontier Group are brought in to help the impacted employees with their career transition.
When organizations hire outplacement providers what should they be looking for and what key metrics should they be used to measure whether their outplacement dollars were well spent?
What are the criteria that should be used in selecting an outplacement firm? Here are four key things to keep in mind when making a decision.
1. Level of Personalization
Every candidate is unique and each their own individual objectives and needs when it comes to job search. It is important that the outplacement provider has the consultant staff and program support that is flexible enough to be tailored to each person they work with.
2. Level of Coaching Provided
The best outplacement engagements come from experienced consultants working with employees who commit to the process. The level of training and expertise an outplacement consultant has is extremely important because it the candidate find the most effective means to conduct a job search and to intelligently identify and network into new opportunities.
3. Length of Time Outplacement Assistance Will Be Offered
Almost all outplacement programs are time-based where the candidate will be provided service for a defined amount of time. At The Frontier Group, we have challenged that conventional wisdom and agree to work with all candidates until they find re-employment. We see re-employment as the primary objective for any outplacement engagement and believe that all of our efforts need to be aligned towards achieving this outcome.
4. Technology Support
Technology tools provided thru a career management portal can greatly help each outplacement candidate effectively manage their job search. A good portal will have the job leads functionality, career management content and search tools to help each candidate maximize their time investment in the job search. Importantly, technology alone is not the answer. A good outplacement engagement still needs the expert guidance and insights provided by a qualified consultant.
What Key Metrics Should Be Used To Measure The Effectiveness Of An Outplacement Engagement?
Here show how are the two most essential metrics that will show its effectiveness.
1. Elapsed time to Find A New Position
The most critical objective for any outplacement engagement is the amount of time it takes for the candidate to become re-employed. This is mission critical. That is why this metric is something that every outplacement provider should be able to provide. What is required are the necessary tracking tools and analytical support to put all of the numbers together. This metric can also deliver the hard cost savings of reduced unemployment costs and potentially lower severance payments.
2. Employee Satisfaction Rating
It is important to get employee satisfaction ratings because positive outplacement candidate experiences lead to better corporate brand ratings, lower negative social media (Glassdoor.com) posts and better morale among the remaining workforce.
