With the ongoing uncertainties in the global economy, top firms and even those who want to make it to the list of the most elite employers invest in programs like executive outplacement. It is a kind of assistance provided to outgoing senior leaders so they can quickly find a new job and smoothly transition into it.
But what do CEOs and other top-ranking executives think about outplacement intended for them? Is it a much-needed expenditure that could possibly boost ROI soon?
The answers to these lie in the point of view of these corporate officials. Let’s see what most of them think about executive outplacement.
Some CEOs Think It Is Unnecessary
Top employers safeguard their senior executives by including executive outplacement services in their contracts. This move protects their outgoing leaders when things go unexpectedly. But despite the availability of this benefit, not all top executives take advantage of it.
Still, companies retain this cost for various reasons. One of them is that not all CEOs could quickly find their next company regardless of their thick portfolio and vast professional network. Some might launch a startup or have no choice but to wait for an available job opening if they couldn’t find one.
Companies Should Have Directed The Funds To Aid Retirement
Executives imagined retirement as a life of rest and pensions. As such, many thought that a program focusing on retirement would have been more favorable for them. They only realized the need for further intellectual challenge and involvement after their outplacement benefit had expired. By then, they had no support system or framework to seek other options.
As such, employers should retain or avail for outplacement services whether their executives are determined to take it or not. In time, these brilliant minds would find an unemployed life boring and wish they could still use their exec outplacement benefits by the time they changed their minds about it.
It Makes Them Feel Secured
Imagine working in high spirits after winning a top-executive post, and there’s the looming threat of unemployment. Younger executives couldn’t help but worry, especially if they’ve just started to deal with the challenges as a result of climbing the corporate ladder. Losing their first executive jobs could be devastating but having this protective layer may help them to be at ease.
Senior leadership hiring companies have courted executives who wished to transfer into another top management post throughout their careers. They fully anticipated their phones to start ringing as soon as headhunters discovered they were available. That did not happen; they allowed their networks to become stale and were unsure where to turn.
Some CEOs Think It’s Not A Fit For Them
A small percentage of CEOs see outplacement as a service for entry-level to middle-management personnel. Many believe that everything this program entails would waste a senior executive’s time.
However, the fact that available top-management hiring is not as rampant as searches for regular employees. Due to this, senior executive posts are bloody battlegrounds involving the proudest names and illustrious portfolios. With executive outplacement, there may be no need for outgoing senior leaders to step into this battlefield.
Still, most top-level executives appreciate having executive outplacement than getting nothing. Companies can utilize this comprehensive program that includes the services of a professional career coach. All of these efforts intend to turn their outgoing executives into strongest advocates of their brand. It’s a good way to attract more talents while maintaining the trust and confidence of those who stay.