Investing in Employees: The Impact on Engagement, Retention and Perception During Layoffs

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Empowering employees

Investing in employees, especially during pivotal moments like layoffs, can yield significantly positive outcomes for organizations. Research shows that organizations that invest in career development and transition programs build a more engaged, loyal and resilient workforce during times of uncertainty, and increase the likelihood of employees viewing their employer in a positive light.

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The Challenge

The Evolving Nature of Work in 2024

In 2024, roles are more dynamic than ever. Organizations and employees are struggling to keep pace with the ever-changing nature of jobs.
Deloitte's data reveals that 60% of organizations believe team restructuring will be pivotal in the future. This trend is accelerating: the average half-life of skills is now less than five years, and in some tech sectors, it's as low as two and a half years.

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The Impact on Employer-Employee Relationships

The transient nature of roles and responsibilities means that employees judge their employers not by tenure but by the quality of the employer-employee relationship. This is especially true during major career milestones like onboarding, career advancement and career transitions.

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The Impact of Investing in Employees During Pivotal Career Events

When employees feel invested in, research shows they’re more likely to view the relationship as positive.

• 77% of employees who received career transition assistance from their employer felt losing their job was ultimately a positive experience.
• 65% of employees who survived a layoff but knew others received career transition services viewed their employer in a positive light.

Conversely, inadequate outgoing support leads to a 41% decline in job satisfaction, a 36% decline in organizational commitment and 20% decline in job performance.

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Charting a New Course

A Proactive Approach to Career Support & Development

Today’s business environment requires better employee support and internal development. According to a report by Josh Bersin, companies need to adopt cross-functional career pathways, create a dynamic organization and focus on reskilling and retention to succeed in the future of work.

This proactive approach could even help with talent attraction. In a recent survey, 74% said they would choose a job at a company that invests in their education over one that doesn’t.

Leaders must chart a new course for workforce development. One that emphasizes the quality of the employer-employee relationship, equips every employee with the support they need to grow in today’s ever-evolving job market, and ties directly into the strategic business goals of the organization.

Are you ready to redefine workforce development in your organization?

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Building for Resilience

Tailoring Employee Programs for Maximum Impact

Successfully implementing employee development programs at scale is challenging. Every career journey is unique, and requires an equally unique, personalized approach. Thrive’s methodology offers a tailored, high touch service, providing systematic career support across the employee lifecycle, from onboarding to transition. We initiate conversations with managers and users to tailor the program to your needs and work individually with each employee to ensure the program is delivering outcomes.

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Conclusion

Embracing the Future of Work

The 2024 labour market landscape underscores the importance of investing in employees at critical junctures in their career. Providing career support not only enhances employees’ perceptions and experiences, but also cultivates a more engaged and committed workforce.

Thriving in this environment requires leaders to redefine the employer-employee relationship, focusing on personalized, strategic employee development aligned with business goals.