Organizations are facing extreme financial pressure and uncertainty, forcing many to furlough or lay off valuable employees. How well an organization handles these transitions can profoundly alter their reputation with clients, current employees and future hires. Layoffs always create fear and upset, but these uniquely poor labor market conditions exacerbate those emotions because it is so much harder to find an equivalent job, or even one at all. Preparing employees for transition is arguably more critical today than it has ever been before.
Downsizing a workforce by 1% leads to a 31% increase in voluntary turnover the next year.
Every day, COVID-19 is raising new and complex questions for leaders and organizations to answer. Korn Ferry’s Scott Bohannon shares his perspective and advice.
At the start of the great recession, Glassdoor was only one year old, Facebook had just introduced the like button, and Instagram and Snapchat weren’t invented yet. Employers also had much less visibility into potential employees' career history. But today, layoffs happen in a hyperconnected world.
We have a unique understanding of the job market. Every business day we place a candidate every three minutes. We also collect annually tens of millions of assessments and compensation data points. Those insights allow us to provide highly tailored career, job search, and skill development guidance to executives and other employees who need to move to new jobs. We deliver our guidance through a state-of-the-art technology platform, and coaching from the world’s leading search professionals and career coaches. People find better jobs faster, and are better prepared to succeed in their new roles. Organizations, in turn, protect and enhance their reputations while reducing their career transition costs.
We provide highly tailored career and job search guidance and skill development.
Most candidates see the job market through the lens of their most recent job. In their interviews, resumes, and other communications, they use language and positioning that don’t match the expectations of hiring organizations. Candidates also usually don’t fully understand their strengths and how to present them. And they have a narrow, even incorrect, view of the types of jobs where they might succeed.
We take candidates through a rigorous assessment that identifies their strengths and benchmark them against millions of other people. Our career coaches combine the results of that assessment with our executive, professional, and permanent position search experience to provide tailored and effective career coaching. We provide skill development programs that improve their value in the market. We enhance their resumes and interview techniques. We tap into our 29m+ compensation data points to help them understand their value in the market. We point them to the best job opportunities. And we guide them in negotiating their offer. In short, candidates end up in better jobs, faster.
We take candidates through a rigorous assessment that identifies their strengths and benchmarks them against others.
Losing their job can be one of the most upsetting experiences in someone’s life. While organizations invest heavily in delivering their separation messages compassionately, the displaced employees may feel betrayed and abandoned. Career transition services can reduce those negative feelings and even foster loyalty over time. For displaced employees, providing them with targeted courses that improve their ability to perform in their next job, increases their ability to find a new job, and delivers a much more powerful message of care than job search support alone.
We provide access to a broad library of on-demand learning coupled with career coach guidance to provide displaced employees with skills and professional development, demonstrating tangibly that the organization cares about their success even after they leave. And critically, remaining employees see that they will receive similar support if they lose their jobs in the future.
We provide access to a broad library of on-demand learning coupled with career coach guidance.
Furloughs rather than layoffs can create advantages for employees and organizations. Unfortunately, it’s difficult to engage furloughed employees. Usually the organization has fewer resources during challenging financial conditions. Moreover, furloughed employees often experience similar emotional turmoil to displaced employees.
We provide on-demand skill and professional development, to help furloughed employees to improve their skills, significantly increasing their belief that the organization does in fact intend to bring them back to work. The organization also has a stronger message to the market when business improves – we aren’t just back, we’re better.
We provide on-demand skill and professional development, to help furloughed employees to improve their skills.
Executive transitions present unique challenges. Very few open positions will be available at any given time that offer a good fit. It’s also much more difficult for an executive to convincingly demonstrate their fit for a position – something many other highly qualified candidates will be attempting at the same time. Offer negotiations also present significant complexity. As a result, it routinely takes an executive 6-12 months to land the right role.
We work with organizations across the globe, every day, to design their executive searches and work closely with them throughout the sourcing and screening process. We also collect annually tens of millions of assessments and compensation data points. Those insights allow us to provide highly tailored career, job search, and skill development guidance. That’s why most executives we place turn to us when they make a career change or launch an executive search themselves.
We are uniquely positioned to provide highly tailored career guidance and skill development.
In our hands it’s more than just data. We use it to build the DNA of outstanding leaders, effective organizations, high performance cultures and game-changing reward programs. In your hands it can continue to inform smarter decisions backed by more than 4 billion data points, including:
– Over 69 million assessment results
– 8 million employee engagement survey responses
– Rewards data for 20 million employees across 25,000 organizations and 150+ countries