In August 2020, the Office of National Statistics reported that UK employment declined by 220,000 between April and June, the biggest quarterly fall since mid-2009. While the economy is starting to show early signs of recovery, the EY ITEM Club has forecast that the unemployment rate will rise from 3.9 per cent to 9.0 per cent in late 2020 and early 2021.
While talent transition and outplacement services were once deemed an unnecessary perk for many businesses, ongoing payroll cuts in the wake of the pandemic mean the need to help employees find new positions has become essential.
What is talent transition?
Talent transition services assist employees in finding a new role and reorienting them for that new position. It is a particularly vital service for those who may not have been on the job market for many years. While the output will vary depending on the sector and type of worker, the solutions typically involve CV reviews, job search advice, interview training, personalised coaching and career assessments.
What does it mean for employees?
Talent transition can have a profoundly positive impact on employees to not only help them navigate what can be a difficult and challenging period but also to ensure they have the skills to secure a new role. Here are some of the main benefits that talent transition can offer:
- Empowerment. By providing employees with the tools to direct their next steps, they have the confidence and ability to move onto the next stage of their career.
- Knowledge. Longtime employees may not be up-to-speed with the latest job search trends, such as how to structure their CV or applying for roles via LinkedIn. Talent transition can help them get a handle on this and be ready for the modern hiring process.
- Insights. Employees in low-demand roles may need to consider switching careers to secure work. Talent transition services can help them learn more about their transferable skills and educate them about alternative industries and roles.
What does it mean for employers?
Pre-COVID-19, there was a lot of debate about talent transition. After all, why invest in helping people who are no longer employees and the job market is pretty healthy? However, employers now acknowledge that the way they treated their people, especially during this period will have a detrimental impact on the company’s reputation and brand for remaining and potential employees.
Having a strong employer brand is vital for attracting and retaining the best talent, especially during an era of industry-wide skills shortages and increased competition. Employees who feel blindsided by redundancy are likely to let people know about it. As well as complaining to friends and family, they may post on social media or leave a negative review on sites such as Glassdoor or Indeed, which can cause irreparable damage to your brand.
Omni’s Talent Transition Service
With over 20 years’ experience in resourcing and talent management, Omni helps people to realise the potential of their transferable skills and help them to move on if affected by redundancy. At the same time, we help organisations to protect their brand values during times of change, by providing practical support that makes a difference to redeployed or displaced employees. Read more about our Talent Transition services here.
Our Adapting to Agile series explores how organisations can maximise business agility through effective talent management. Our experts explain how businesses can gain a complete understanding and take control of their talent supply, including:
- Establishing an employer brand and Employee Value Proposition (EVP)
- Building a robust contingent workforce strategy
- Identifying talent strengths and gaps
- Forecasting future skills needs in the business
- Developing collaborative partnerships that deliver
Stay tuned to the Omni blog to find out more. Coming soon: Our comprehensive guide Adapting to Agile: The Flexible Solutions You Need to Ease Business Recovery.