Prudential eases its employees’ path through redundancy and redeployment: Careerlink scheme wins an industry award

Abstract

Purpose

Describes a groundbreaking approach to career management and outplacement adopted by Prudential UK and Fairplace when a new strategy meant that up to 20 percent of the Prudential UK workforce would be laid off or redeployed over two years.

Design/methodology/approach

Uses information gained from interviews with Prudential UK and Fairplace. Presents case studies of two employees who were affected.

Findings

Shows that the program, winner of the effectiveness prize in the most recent Association of Career Firms International annual awards, helped to ensure that nine out of ten leavers in the first two years of the program were successfully found other work within eight to 16 weeks, and that 300 employees were redeployed to new roles within Prudential. Estimates that Prudential UK saved a seven‐figure sum in reduced redundancy and recruitment costs over the two‐year period. Demonstrates that the program was recognized as making a significant contribution to the year‐on‐year improvement in Prudential's employee satisfaction rating, and that feedback from employees, unions and senior management has been consistently excellent.

Practical implications

Contains plenty to interest any company faced with implementing a new strategy that will lead to large‐scale lay‐offs or redeployment.

Originality/value

Presents the inside story of industry‐leading work in the areas of redundancy and redeployment.

Citation

(2005), "Prudential eases its employees’ path through redundancy and redeployment: Careerlink scheme wins an industry award", Human Resource Management International Digest, Vol. 13 No. 4, pp. 26-29. https://doi.org/10.1108/09670730510599577