Losing key talent is a common concern for executives facing staff reductions. The departure of skilled employees can have long-term consequences for the organization. A study by PwC found that 64% of CEOs are worried about the availability of key skills. How can executives retain and attract top talent during challenging times?
37% of employees start job searching immediately after layoffs are announced.
Replacing an employee can cost up to 200% of their annual salary.
Proactive Talent Management: Identify and communicate with key employees before the layoff announcement. Offer incentives and personalized development plans to retain critical talent.
Maintain a Positive Employer Brand: Executives should actively work on preserving the company's reputation during staff reductions. A positive employer brand attracts talent even during challenging times.
Coaching for Career Transition: Introduce coaching programs that focus on career transition. Provide support to departing employees to help them find new opportunities and maintain a positive relationship with the organization.
Coaching plays a pivotal role in talent retention and transition. Offering coaching services to departing employees demonstrates a commitment to their professional growth, even outside the organization. It also contributes to a positive employer brand, making the company an attractive choice for future talent. For more information www.reacareers.com/outplacement