Are Outplacement Services a Sideline Opportunity For Employees These Days?

In the wake of untimely and spontaneous layoffs across industries, both employers and employees seem to be having a hard time in living upto each other’s expectations. As many are running out of their livelihoods, there seem to be a sudden rise in outplacement services.

Since the virus outbreak, the IT/ITeS sector has seen layoffs, primarily from smaller firms. Such tough times have given rise to close to 40 per cent of rise in the tech space. 

These firms have seen a steep cut in client spending and project deferrals. Actually, it's not the sector but the intent and the values of the employers that will define if the outplacement industry will continue to see a rise or not. 

According to Verified Market Research, The Global Outplacement Services Market is projected to grow at a CAGR of 6.2% from 2018 to 2025 to reach USD 2.37 Billion by the end of the forecast period. Tanvi Choksi, CHRO, JLL India and JLL Business Services Global believes that, “Outplacement services, when done right, can really help employees’ transition from one job to another, especially if their jobs have been impacted owing to business restructuring and so on. There are many partners available in India and this space, which possibly started off after the financial crisis in the late 2000s has evolved to become stronger over the past 10-15 years.

Challenges

The biggest challenge is the job openings available in the market given the scale of outplacement. 

According to Neeti Sharma, President & Co-Founder, TeamLease EdTech, “In a fast changing work environment, skills become obsolete very quickly. Changes in organizations are not new and many have seen many rapid changes, especially over the last one year. Digitization and digitalization have reduced many job roles and created newer ones, with newer skills requirements. 

Experts are of the view that 100 percent placement is impossible and all the firms can do is give them coaching, help them build their resume and connect them with companies that are hiring. The situation is even worse for mid and senior management between 10-20 years of experience, where the openings are even less.

Road Ahead

Talent mobility is both a moral and business imperative. One has to take care of the employees and business during the time of change. Many agencies are working on these space at the current scenario it has great demand however success lies with the implementation and reputation with the industries. These benefits to employees at the time of hard time is only given by people oriented enterprises who pay for these services and there is genuine intent to outplace the employees. Having said that the success depends on positive outlook by the intake organizations towards these resources. Most of us are more keen on the reason of downsizing rather than the skiils and competencies.

Anil Mohanty, CHRO, Medicabazar states that, “It's a good will gesture when organisations take the moral responsibility of employees and their families. If you do it seriously then no one will look for surveillance payment. It's win win for both the organisations who would get talent without spending much time on sourcing and paying hefty amount to search firms.

Many companies are in a stage where they are re-looking at their workplace and hiring strategies. In such a scenario, it is only fair that the organization help their employees in placing them in either some other roles or other organizations . Enabling outplacements can provide the necessary direction to make sure the employees have the right skills and are aware of the opportunities they have in front of them. While specific training and development, especially in the technical fields may be required, not every organization will be able to provide that. However, services such as skill analysis, job coaching, resume writing, help with job search and connecting employees with companies that are looking for people with their skills and expertise. With the changing environment, empathy for employees is needed more than ever and any help, however small, will be appreciated.

Many companies provide hand holding in the career transition, help in networking and also providing up-skilling programs to increase employability of the employees. “Companies should be able to provide all necessary information on logistics, training, financial guidance and any others that may be needed by the employee. It will speed up the process for the employee and will empower them to quickly move towards the next steps and not be demoralized or demotivated. At such times, empathy and help, however small goes a long way,” claims Sharma.

“At JLL, when there has been any specific need to take Outplacement Services for our employees, we have either taken services of one of the leading partners in the market, to help employees’ transition through this phase of their career or we have given opportunities to them to take up memberships that can help grow their professional network. Our employees suitably take up this opportunity depending on their individual needs and career aspirations.”