What Happens To Employees When A Company Goes Into Liquidation
What Happens To Employees When A Company Goes Into Liquidation

What Happens To Employees When A Company Goes Into Liquidation

What Happens To Employees When A Company Goes Into Liquidation – It is easy to understand how value-added benefits can help an organization maintain its employer brand reputation and increase employee satisfaction. But if you’ve been without those services for a long time, you may not realize that your brand’s negative experiences can be caused by their absence.

Here we put two boss missions side by side. On the left is the experience of an employer who does not nurture or support rejected candidates, existing employees, and outgoing employees. An employer experience that provides a high-quality candidate experience for rejected candidates is on the right side, with internal mobility programs and tools for its employees and outsourced services for exiting employees.

What Happens To Employees When A Company Goes Into Liquidation

As you can see, the boss journey is a cycle. No action stands apart from the others; They are all interconnected. No matter where your company is on its journey, your actions or inactions can reap rewards or fights when it comes to your employer brand.

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The popularity of corporate review sites like Glassdoor among today’s workforce can affect your brand reputation—not only among current and potential employees, but also among your current and potential customer base. Both positive and negative reviews of your company can quickly spread across the Internet.

When you don’t provide employee-centered services, you risk low employee morale, engagement, and productivity by neglecting their mobility and career development. Your workforce can feel overworked and overworked when hiring is slow and your candidate pool is weak. All of these factors lead to poor company reviews and, worse, a decline in company performance.

When considering the potential undesirable outcomes, from low employee engagement to negative brand reviews and loss of profits, each of these effects is preventable.

You can maintain some control over your brand perception by offering benefits to those who work for you, those who want to work for you, and those who no longer work for you in their current employment situation.

What Happens To Employees When A Company Goes Into Liquidation?

Today’s interested candidates often research a company before applying, and may think twice about moving forward with a company with negative online reviews. The quality of candidates you attract will directly affect your workforce, its performance and your bottom line.

The main reasons candidates remove themselves from the recruitment process include poor interactions with hiring managers and reading negative reviews from employees. Sites that list company reviews include comments not only from current and past employees, but also from unselected candidates, who often report their experience with the interview process—good or bad. You can increase the likelihood of positive feedback by providing a high-quality experience to the candidates you reject—recognizing each person for their time, effort, and interest in being part of your organization. They stand. Applying for a job is a time-consuming process, and waiting can be stressful. If a candidate does not receive timely and attentive communication from the hiring company, they may be left with negative feelings about the company.

In addition to communicating with candidates appropriately, you can thank each candidate by giving them a digital platform that they can use to search for jobs, improve their resumes, work on cover letters, and practice interviews. Showing candidates you reject that you appreciate their interest will build your skills and encourage positive online reviews while building ambassadors for your brand. And those positive reviews will help attract more quality candidates over time.

Of course once you have an energetic, productive and engaged workforce, you want to keep it. But if you don’t provide your employees with an internal career path, career development tools, skill development opportunities and transparency around job opportunities, you could be losing them. Turnover is expensive, one and a half to two times an employee’s annual salary, so implementing tools to improve your workforce is a smart financial choice. Internal mobility (also referred to as career mobility) programs help prevent that turnover by allowing you to develop leadership within your organization and supporting overall personal professional development.

Employee Engagement Action Plan Guide

Internal mobility programs help create awareness of open positions and provide early access to internal candidates. They can increase internal candidates’ chances of being hired for these opportunities by offering online training and skills development to help your employees put their best foot forward during the application process. Internal mobility tools can track employee interests and experience so that hiring managers can easily spot talent in their current workforce.

Happy employees will be motivated to be a part of your company’s growth and will be more creative, productive and engaged. Of course, this will only positively affect your company’s reviews and your bottom line.

As we saw with the pandemic, even the most profitable, popular company can fall victim to unforeseen circumstances that can force layoffs or downsizing. Such a company can maintain its reputation by providing outreach services to victims when they meet with an unfortunate event. Outplacement is a digital platform that offers guidance on subjects ranging from job listings, resume assistance, workshops and cover letters to networking, interviewing and delivering negotiations. With these tools at hand, outbound employees can advance and land new jobs faster. Additionally, helping your former employees in this way shows your remaining employees that you care about those affected by the difficult decision you had to make.

Many employers now consider departing employees—selective exiters and layoffs—as alumni. This network can be powerful for your employer brand, as those employees can continue to act as ambassadors as long as they are treated with respect and those who are let go are given help finding new employment.

Why Your Best Employees Are Leaving And How To Stop It

Protecting your employer brand is easier when you support prospective, current and former employees. In turn, you will have a talent pool, employees and brand ambassadors who are excited to support you.

At every stage of the employee life cycle, we help employers protect their brand through effective candidate experience, career mobility and outsourcing services. Contact us to find out how we can make a difference for you and your employees.

Robin Kern is a seasoned business writer who has written in the HR, education, technology and nonprofit spaces. He writes about topics including hiring, layoffs, career development, internal mobility, candidate experience, succession planning, talent acquisition and more, uncovering workforce trends and educating the HR community on these key topics. His work has been featured on hrforhr.org and trainingindustry.com. Book a 15-minute demo call and reach all your employees with targeted multi-channel communications. Empower them to share their stories through social advocacy. Their voice can change the way the world sees your brand.

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