In a hot job market, certain business leaders question whether they should continue to provide career transition support for executives. Unemployment is down. Companies are clamoring for good talent. “Surely, they will find something quickly.”
But is this really the case? According to the December 2018 report from the U.S. Bureau of Labor Statistics, the average unemployment duration was over 21 weeks. As employees climb the ladder it takes longer and longer to find a position on par with their talents. For executives, it is not unusual for the hunt to take over a year, placing considerable strain on the job seeker.
While your displaced former executive is hunting for a job how are they filling their time? Are they sharing their discontent with former colleagues at the organization? Have they visited Glass Door and left a scathing review for the world to see? Or have they been given the support needed to move on in their career with a future focus, reflecting on their time with your company as a period that was enriching for their career? Regardless of job market conditions, the challenges of a career transition still exist. Your executives are unlikely to be prepared for the emotional challenges of dealing with a job loss, the technical difficulty of conducting a modern job search at the executive level, and the motivational struggle of sustaining a typical, extended search. Without support, this could prove detrimental to your employer brand.
Career Partners International (CPI) has over thirty years of experience getting executives back to work quickly. Our combination of expert level coaching facilitated through world-class technology helps executives convey their value to the market and land new opportunities suited to their talent. CPI coaches guide job seekers through this complex market, while our technology ensures that executives perfect every detail of their job search documents and interview interactions. Over the course of 2018, this system has helped the average CPI Executive candidate land in under 20 weeks, a significant decrease in search time compared to executives without a career transition plan and support.
If you’re charged with deciding whether to provide executive outplacement services, don’t think for a minute that it is any less stressful or any easier to find a new role in a “hot market.” Sure, there may be more opportunities in an expanding economy, but the competition is tough and the process of finding the right opportunity can be extremely difficult, especially for executives who haven’t been out in the market or haven’t been hands-on in a search for a while.
Having a professional on your side with experience in career transitions and industry-leading technological support is the exact backing your executives need. Your executives are accomplished in many things but bootstrapping their own career transition is not one of them. An executive career coach who is trained to help executives identify their goals, polish their messaging and networking skills, facilitate important introductions, negotiate their next package, and generally put their best foot forward can help them navigate this unfamiliar territory and come out the other side for the better. Not to mention, executive career coaches can also help ensure that your company brand is protected and positively represented by your most visible employees – a worthwhile investment indeed.
Written by John Myers, Managing Partner at Kensington International, a Career Partners International Firm