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People managers have the great responsibility of balancing organizational objectives with employee needs. Keeping a finger on the pulse of both the executive chain and all employees gives HR leaders a greater understanding of an organization’s health and its performance bottlenecks.
Organizations invest a great deal of effort, time and resources to improving brand reputation, employee training and development, and company culture. Yet, when the time comes to have the single most difficult conversation with an employee, we have seen organizations rush terminations without preparation and consideration. Re-motivating your team and re-orienting your workforce towards future objectives becomes much more challenging after a poorly handled layoff.
Of course, you have to act in the interest of the organization, but many people managers forget that a larger part of this responsibility is also providing the support your departing workforce needs to succeed in a rapidly changing employment marketplace. Acting in the best interest of your exiting workforce is acting in the best interest of the organization. It protects your going forward culture and enables your company to continue operating at its best.
As a matter of fact, recent research from Harvard Business Review found that there is a strong correlation between downsizing and voluntary employee turnover. A 1% downsize in the workforce leads to a 31% increase in voluntary turnover rate the following year and ultimately resulted in a 41% decline in job satisfaction, 36% decline in organizational commitment and 20% decline in job performance.
These statistics illustrate the widespread impact of force reductions within organizations and underline the importance of implementing a career transition strategy that turns exiting employees into advocates.
As an innovator in outplacement solutions, Thrive is here to help leadership teams implement better restructuring solutions with a robust communications plan and help your departing workforce navigate their career transition with confidence.
Alongside layoff support and resources, Thrive is a proud partner of Gallagher Benefit Services, to deliver the best in industry career coaching, outplacement and talent management services that accelerate the transition of your employees.
Furthermore, as early-stage startups shift their organizational structure to rely more heavily upon contractors and part-time contributors to meet company objectives, this trend of abrupt organizational pivots will only continue to accelerate, and it has never been more important for businesses to implement a structured and compassionate approach to layoffs.
Given today's rapidly evolving business landscape, we aim to support corporate clients, HR teams and small business leaders going through first-time terminations with training, resources and education on how to talk to employees to ensure a smooth transition.
As your partners in outplacement solutions, we go beyond implementing career transition strategies and support your departing workforce with an integrated end-to-end career management platform. We provide corporate clients with the same high-touch support we have built into every user journey. If you are an HR leader looking to implement a robust communication plan and want to offer your employees modern career transition support in times of change, then contact us to book a free demonstration of what Thrive can do for you.
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