CHALLENGE
A leading financial services firm acquired one of the oldest and largest banks in Philadelphia, PA. The merger required a large reduction in force. The senior leadership team engaged CCI to develop and deliver a comprehensive and pleasant outplacement program that would provide all departing employees with a respectful transition.
SOLUTION
CCI guided senior leadership through the development of a respectful and efficient communication and job transition program. All affected employees were notified of their job elimination, and retention bonuses were offered to help ensure the continuity of operations. We offered career transition services and a variety of programs to all impacted employees. With a six-month period between deal closure and operational conversion, the client was interested in retaining and incenting staff – even those who would ultimately be affected by job loss – to ensure a smooth operational transition. CCI supported this effort through the creative deployment of a series of career transition group workshops (two hours/session) held during work hours at the acquired company’s main office location. These programs helped employees get a jump start on the transition and job search process and, upon termination, they were eligible for their individual three-month program.
RESULTS
CCI facilitated a series of group workshops over the course of three months, which were well attended and served to motivate the departing employees to engage in the job search process. Following completion of the operation conversion, approximately 70% of employees elected to participate in their individual career transition program, which is a strong indication of the perceived value of the career transition services. CCI received positive feedback from senior leadership regarding the overall quality of the group workshops and the minimal disruption that the staff reduction event caused to day-to-day operations. Additional benefits reported by the client include:
- Retention was strong and they were pleased that they did not lose any employees earlier than their planned termination dates
- There were no legal claims or adverse action on the part of any employees who were affected by the staff reduction
- Employees viewed the service offerings from CCI as a statement of “goodwill” on the part of the company, which was well-received
