What is Outplacement?
Outplacement is a service that employers provide to outgoing employees affected by company restructures, redundancies and layoffs to help them transition to new career opportunities. It assists displaced employees by getting them back on their feet and reorients them for the job market. There are both practical and emotional elements to an outplacement programme to help employees fully focus themselves to transition to new opportunities.
Each outplacement service can vary in content. Typically, outplacement contains:
- Termination planning
- Resume optimization
- Training and development
- Interview preparation
- Career counselling
- Connection to opportunities
- Clinical psychological support
The most effective outplacement service is one that is tailored to your business. Every company’s culture and structure are different, so the requirements will vary from business to business. A one-size-fits-all programme is not nearly as successful as one that is flexible to your organisation’s requirements.
What is Causing Global Demand for Outplacement Services to Grow?
Research by Staffing Industry Analysts shows that outplacement market revenue grew by 7% in 2020. This has taken revenue for outplacement in the global market to around $2.3 billion USD! With the pandemic continuing to ravage most world economies, the requirement for outplacement services is only likely to rise for the foreseeable future.
During these unprecedented times, a large number of organisations have been forced to restructure, only to realise mistakes during the layoff process can cost them dearly. Leaders are recognising the dangers of poorly handled terminations and turning to outplacement services to stop potential losses.
Outplacement has become an increasingly important part of many well-run business strategies as it is a smart way to protect both your employees and your own business!
|People also ask|
|▼ How should I go about restructuring my business?|
|▼ How is the Hong Kong job market currently holding up?|
|▼ Is outplacement really worth it?|
|▼ How do I successfully onboard new employees?|
Here is Why Outplacement is Worth Investing in!
Many business leaders are often pleasantly surprised to see the return on investment of outplacement. To the unaware, outplacement may seem like an unnecessary cost on employees that are already about to leave the organisation. However, this cannot be further from the truth!
In today’s world, bad press can spread like wildfire over the internet. Bad PR damages your brand, severely hindering your business’ ability to attract and retain new talent. It is well-documented that employee turnover is very costly for employers, so protecting your reputation is vital.
Harvard Business Review reports a 12% decrease in redundancy-related lawsuits when using outplacement, it just goes to show how proper aftercare can help turn spite into appreciation. A lawsuit against your company can have irreparable economic and psychological impacts on the organisation, a risk too big to gamble. That is why having professionals on the spot to assist on restructures, layoffs, and redundancies is key.
3 Key Takeaways
The Popularity of Outplacement is Growing!
Outplacement has been growing in popularity globally every year and this trend is set to continue. With an annual growth of 6-7% a year, the recognition of the service is set to become a new standard.
Be a Responsible Employer
Bad press spreads like wildfire! Being a responsible employer prevents that and protects your company’s reputation. Helping affected employees transition to a new opportunity is a great way to show genuine care for your staff.
The ROI on Implementing Outplacement is Amazing
The last thing businesses want to do is destroy their employer brand and run into long-term struggles attracting talent and litigation just because of a poorly handled layoff process. Outplacement helps significantly lower these issues by protecting your brand and spinning a positive light during layoffs.
To learn more about how Links International can tailor an outplacement service for your business, contact our professional team now!
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- Top 3 Reasons the Best HR teams Use Outplacement
Links International is an industry leader in innovative HR outsourcing with services such as payroll outsourcing, visa application, PEO/EOR Secondment, outplacement, recruitment and more! Contact us for more information on how we can help leverage your HR function.