Outplacement

What Is Outplacement?

Outplacement is an employer-sponsored benefit that is frequently included in a severance package and helps fired or laid-off employees transition to other positions or careers. Services are geared toward enhancing the abilities required for re-employment, including drafting resumes and cover letters, using job boards, conducting interviews, networking, and negotiating pay.

Outplacement, commonly referred to as "career transition services," is a program that aids people in gracefully leaving their current position and transitioning to a new one. The majority of the time, the company covers the cost as a perk of a severance package. Consequently, it is given without charge to an existing employee.

What Are Outplacement Services?

In the case of a layoff or reduction in force, businesses can offer their employees a wide choice of resources through outplacement services. The following outplacement elements might be provided to staff members under the broader meaning of "outplacement":

• One-on-one career coaching
• Cover letter and resume-building tools
• Resume review, editing, and writing
• Job interview practice and coaching
• Career interests and skills assessments
• Social media profile writing and optimization
• Guides on job search-related topics, such as networking and personal branding
• Access to information about target companies to support research
  

The Importance Of Outplacement

Some firms might not understand the benefit of outplacement since it is always provided to people leaving a company as a result of a layoff. After all, these people are leaving the business. Why is it vital to invest more dollars in them when they were the first to let go due to financial problems?

In the modern corporate environment, this way of thinking is outdated. Companies simply cannot ignore the powerful work that Outplacement does. 

First of all, outplacement is a means for businesses to demonstrate that they still care about their employees' achievements even if they have had a wrongful dismissal. Employees were not at fault for being fired, so it is also not their fault that they now have to look for new work before their severance package expires or that they must accept a smaller position that is only intended to pay the bills and not further their careers.

Having said that, outplacement offers a route to a new, fulfilling career, enabling employees to return to work sooner and in a position, they are passionate about. It's one of the greatest benefits a business can offer its employees after a layoff or RIF.

How Can Outplacement Help Employees?

The work market in the present day is more complicated, fast-paced, and competitive than ever. The emergence of social media, online job boards, and video interviews are just a few examples of the constantly changing environment that makes up a new and frequently uncharted employment market. Employees now require outplacement help that is more flexible, quick, tailored, and responsive than ever before, given by professionals who can focus on results.

In the end, excellent outplacement support is available to assist workers in moving on swiftly and successfully, assisting with a wide range of areas, including:

• Establishing career priorities and assessing their options
• Developing their own personal career plan
• Revitalizing their personal brand
• Networking their way to success
• Preparing for self-employment, interim, or portfolio careers
• Mastering the art of modern job searching
• Creating great CVs that get them noticed
• Transforming their interview performance
• Harnessing the power of LinkedIn
• Preparing for the retirement of the ‘Third age’ of their careers

How Does Outplacement Work?

Outplacement services can be offered internally, but it's more typical for firms to work in collaboration with a third party that specializes in job counseling and career transition services. Former workers who participate in the program can communicate with their coach one-on-one, in a group setting, face-to-face, online, or over the phone. The particular layout is typically determined by the scope of the program.

Why Do Companies Provide Outplacement Services?

Employers may provide outplacement services for a variety of reasons. In some circumstances, the law could require it. For instance, the Worker Adjustment and Retraining Notification Act (WARN Act) in the United States mandates that businesses notify certain employees in advance of a large layoff or factory closure. Employers are required to include details about available outplacement services as part of this notification.

In other situations, a business could offer outplacement services as a means to help employees during a trying period. Additionally, they could provide these services in order to reduce their exposure in the event that an employee files a claim for wrongful termination.

Conclusion

Outplacement is the procedure used by the business to assist recently fired workers with their job searches and re-entry into the workforce. A career program called outplacement assistance assists terminated and laid-off employees with drafting resumes, interview prep, networking, browsing job boards, and other job-hunting strategies.

Employers provide outplacement aid even if it raises the cost of benefits packages because it can help them build their brand and possibly reduce some of the risk related to layoffs and terminations.