Hiring, recruiting and onboarding are the three words that sometime carry a positive and other times negative connotation. This likely implies something positive – new start, new beginning and perhaps an opportunity.
Similarly, the words downsizing, rightsizing, firing and outplacement make you feel like something is going to end – like your job. Almost every employee and employer has the same notion. They fear the sugarcoated ‘downsizing’ the reality of dismissals and the end of their jobs. It is real, but adverse reality of work.
Let’s discuss financial considerations of hiring and firing.
To be precise, a large number of mid-level employee often cost a higher amount of their first year’s average salary (it’s more than 25%, according to Forbes). A third party recruiter can share some parts as s commission for finding employees that the company hires. In comparison, outplacement service can be and probably should be near 6% to 8% of a first year’s salary.
Below are three top tips how you can be able to hire and retain your employees and why you should invest in your exiting employees instead of letting them go without help:
How to handle employees?
As a business owner, you spend in PR and communications for touting your positives of your products and share their benefits to community. One secret is to consider how you handle your employees who leave. It’s often seen that despite employees may sign their compensation agreements, they are usually not happy to be let go irrespective of any circumstances.
However, for enterprises that provide a severance agreement and make payment of outplacement services, they are doing well for those who really need support and help in finding new employment.
Serves as your company’s strategic messenger
When your employees come to know that you are going to eliminate them, it carries a bad impression on your brand. You may lose productivity from remaining employees. This is where outplacement service comes in handy. Outplacement firms can help you by crafting craft your communication to employees and train the top management to deliver those difficult notifications in a way that does not carry and negative impact. With their help, you will make sure your executives receive the support they need to deliver such messages in a fair yet agreeable manner.
Better employee relationships
Create an atmosphere of trust, empathy, and transparency as your employees are your best brand advocates. Doing this endorses your products and service as well as workplace culture. When some employees are let go without their faults and mistakes, the remaining staff turn out to be a little anxious and suspicious. Their working capability reduces. In contrast, when they see that you are taking of their workmates or batch mates, they work fearlessly and focus more on their work. They remain loyal to your firm.
Working with outplacement specialists lets you empower your employees’ strengths and talents. You can dig out where they can be best suited. Professionals can assist you when and where you should give them advice and them send on their way. However, this is not the way outplacement services work. They aim to guide and support employees and employers for the duration of time. It takes them to find their next job.
Maintain Your Brand
Only because of the fact that your business is going through a tough time, it doesn’t mean you will not hire people in the future. Many organizations conduct layoffs in one department while they keep on recruiting in other division. If your business suffers from negative brand exposure, your ability to attract the best talent for current and future positions will decline.
Transparency in corporate sectors is at an all-time high with the influx of information through online and the use of popular review portals as a standard part of the job search process. No matter how success you are or where your brand has reached in the business cycles of expansion and retraction, you should remain focused on creating a public reputation. This helps you attract and retain the best employees. So, make it your priority.
Employers today are looking at ways to enhance ongoing relationships, boost engagement, and remain employers of choice. They understand the importance of that taking care of employees during times of transition. A startup or a leading brand, you should also ensure that your employees who are leaving are properly taken care of. Focus on keeping their company morale.