Career transitions are very often viewed as an ending, and a challenging one at that. Harvard Business Review found that over half (55%) of CEOs report mental health challenges following a redundancy, while 68% feel a loss of identity and purpose. And it isn’t just the immediate impact that leaders contend with, as the average executive job search following redundancy can take up to 12 months, and will likely come with a salary reduction of 30% or more.
The data tells the story: regardless of seniority and real-world experience, change is inevitably hard.
But when leaders facing redundancy are supported strategically, the narrative can be flipped on its head. Right Management data shows that executives who are supported in their career transition re-enter the market 40-60% faster than their peers who aren’t. Their positive experience then also means that nigh-on three quarters (73%) say they would return to their employer, compared to just 37% of those who left, unsupported.
And so from a business perspective, outplacement is about so much more than simply helping leaders land a new role; it’s about strategically helping them move forward with their careers while simultaneously protecting organisational brand and reputation.
“Career transition support is about repositioning senior leaders for roles that align with their purpose, values and evolving ambitions… and when combined with targeted career coaching and strategic networking, it becomes a launchpad for reinvention.”
- Sarah Hernon, Principal Consultant – Right Management UK
Moving from uncertainty to opportunity
Now, this isn’t to say there won’t be challenges along the way. Leaders will still likely contend with a perceived loss of their professional identity, a realisation of skill gaps or mismatched experience and uncertainty about how they fit within the market.
But the overarching goal of outplacement support is to help executives bridge these gaps and move from a place of uncertainty, to one of opportunity with greater resilience and confidence. It’s then, that leaders can recognise their career transition as an opportunity to reskill, pivot to a new industry and/or explore previously unconsidered roles.
In our latest webinar, we heard first-hand from Sue Treharne – People & Culture Manager, Enzen Global; Scott Snell – Non-Executive Director, Founder and Business Consultant; and Amy Campbell – Career Coach, Right Management, about share their personal experiences and insights into executive career transition.
Take the time and commit to the process
For leaders navigating change, finding the time to engage with support is a common blocker that requires purposeful action to overcome:
“Time is a big challenge. We’re so used to being driven by our diary at work, so the days can go by quite quickly.”
- Sue Treharne
And even if they can find the time, many leaders feel reluctant to seek help:
“Executives may think they know everything or feel they would be judged for admitting vulnerability, so it’s about committing to the journey… I thought I could do it on my own, but it’s not quite as straightforward as that… You have to be prepared to learn and really commit to the process.”
- Scott Snell
Change is difficult for anybody, but can feel particularly alien to individuals who are so used to leading it themselves:
“The challenges we often see are deeply tied to identity, visibility and control. There’s a loss of confidence and a sense of disconnection from one’s professional identity; and this is then amplified at a senior level. Redundancy flips the dynamic, meaning leaders are now responding to change instead of driving or managing it.”
- Amy Campbell
Coaching is so often the driver of success
For so many executives going through a career transition, it’s their coach that helps them turn the tide. Not only in holding them accountable for committing the time needed to drive their own transition:
“Having a bespoke diary connection with an Executive Career Coach allows the support to fit around leaders’ busy schedules.”
- Sue Treharne
But also, in establishing a much-needed human connection with somebody who’s sole purpose is to provide guidance and support during turbulent times:
“What I found in my experience was that an Executive Career Coach has your best interests at heart… they’re there to support you and help you be your best throughout the process”, says Scott; a sentiment shared by Sue: “It’s about having that personal connection with a coach – almost having them become your friend… This connection and having a safe space to be honest is so important.”
It’s in these conversations with their coach that leaders can take a moment to pause, reflect and identify the right path forward – one that is aligned not just with their career aspirations, but also with what they want their life to look like:
“Clarity doesn’t come from rushing into action. Instead, it’s about slowing things down enough to reconnect with what really matters on an individual level… Coaching gives leaders the permission to pause and provides a safe space to reflect on values, strengths and leadership legacy – helping them to shape a narrative that feels authentic for them.”
- Amy Campbell
Start early, remain committed and move forward with confidence
As discussed by our panel, to get the most out of executive career transition, it’s important to be proactive:
“Start as soon as you can and prioritise the time. Allocate certain hours of the day to dedicated focus on your transition.”
- Sue Treharne
And to have an open mind:
“Be open to everything. Using your coach to explore beyond what your normal is, is really powerful. Spend time understanding what is important to you.”
- Scott Snell
When doing these two things and embracing the support provided by a coach, leaders are far better placed to achieve a sustainable and meaningful career transition:
“Outplacement is about helping people to regain a sense of control and bringing some structure to what might initially feel like chaos. People feel they’ve been heard, supported and equipped to move forward with clarity and confidence.”
- Amy Campbell
If you’d like to hear more from our panellists on what executive career transition looks like and how it can benefit both businesses and individuals, catch up on our webinar.
