Global Outplacement Services Market Size By Product(Outplacement, Career Developm

Outplacement Services Market Size and Forecast

Outplacement Services Market size was valued at USD 204.43 Million in 2024 and is projected to reach USD 287.62 Million by 2031, growing at a CAGR of 4.36% during the forecast period 2024-2031.

Outplacement services help in increasing employee productivity and facilitating workflows and help employee resources find career opportunities and partner with employer organizations for effective employee services are the factors driving market growth. The Global Outplacement Services Market report provides a holistic market evaluation. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Outplacement Services Market Analysis

Outplacement service is described as an agency that's provided by reputed companies or organizations, willing to assist and offer provisions to those who are exiting the enterprise. It is also known as career transition services. Additionally, outplacement services consist of an extensive variety of services that assist people in finding new jobs, and they can vary according to the outplacement provider. Outsourcing agencies offer assistance to former employees' changeover to new jobs and assist them in re-orienting themselves in the job market while recruitment agency is described as a services of agency that recruits new expertise for open positions within the workforce. Furthermore, outplacement services provide practical and emotional specialist career coaching support and permit an individual to circumnavigate the competitive job market and circulate into an appropriate new occupation as soon as possible. Many enterprises usually utilize outplacement services when they assume to make layoffs or plan to realign the agency. Such solutions are designed to provide support for exiting personnel so they can discover their subsequent role sooner rather than later. It additionally permits companies to emphasize their dynamisms in enterprise operations rather than dissuade the sometimes-considerable time and energy needed to assist leavers and the morale of the retained team.

Typically, the best outplacement providers provide the terminated personnel with an up-to-date outplacement training process as well as top-end job search counseling and career coaching, to make sure that they're placed in their best jobs in the shortest time possible. In addition, there are numerous benefits which are associated with outplacement services as outplacement services can regularly assist with feelings of insecurity, embarrassment, anger, or fear of the unknown, which make a job search that much more difficult. In addition, outplacement can lessen the legal threat of dealing with a wrongful termination suit bolstering the morale of existing employees. And, outplacement can preserve goodwill as it doesn't hurt to have an amazing working relationship with people who leave. These are all motives to provide outplacement that benefits the employer. Furthermore, outplacement services are readily available to offer invaluable counseling that will assist in relieving stress and offer a tremendous spin on new job placement. This will become a tremendous outlook on the organization and how it handles every employee, even though they're no longer with the organization.

Apart from this, the provision of outplacement and career transition support by employers has become a popular practice in companies over the last few years. In cases wherein employers do not adopt such support or offer limited support, people increasingly seek this service and pay for it themselves. However, career transition providers provide several carrier delivery options varying from self-help to one-on-one training and mentoring.

Global Outplacement Services Market Overview

Outplacement services also known as career transition services refer to the employer-sponsored services offered by the company to the terminated and laid off workers for finding an appropriate job. The outplacement service providers help the employees in their career transition by offering appropriate guidance, coaching, consulting, and support. It also helps the employers in making layoff decisions and communicating the same to the employees. These companies conduct workshops and train human resources to implement best lay off practices to mitigate the risk of litigation. Outplacing services plays an important role in building personal branding for the terminating employee. Some of the common services offered by the outplacement services are online tools and resources, career assessments, preparing and conducting mock interviews, salary research, social media assistance, and others. The demand for outplacement services is growing against the backdrop of increasing lay-offs by established and small companies. Growing competition across all the industry verticals has pushed the companies to look for more effective business vision and strategy, which requires restructuring of the company. COVID-19 has shown a devastating impact on the global economy due to a halt or slowdown in business activity. This resulted in low revenue generation by the business making it difficult to sustain in the competitive environment. Thus, several large companies in the world laid-off hundreds and thousands of employees, which hampered their brand image.

In Europe, the number of people who were temporarily laid off in Q1 2020 was 3 million, and in Q2 2020, the number rose to 13.8 million. The growing number of lay-offs even after the COVID outbreak has declined is pushing the market growth ahead. For instance, in 2022, Unacademy laid off 600 employees, Unilever pushed off 1500 employees, Renault Group laid 1700 employees Tesco laid off 1600 employees, and many more. Increasing closure of the plants and manufacturing facilities to maintain the demand-supply gap has increased the number of lay-off. In February 2022, Nestle's Sweet Earth Foods facility is closed leading to the loss of more than 100 jobs. Increasing concern the companies regarding the brand value and high cost and time-consuming unlawful termination of the employees limits the focus of the staff, hampering the overall outcome. Thus, the companies are actively looking to partner with the outplacement companies for the smoother and peaceful exit of the laid-off employees.

Global Outplacement Services Market: Segmentation Analysis

The global Outplacement Services market is segmented on the basis of Services, End User, and Geography.

Outplacement Services Market, By Services

• Outplacement
• Career Development
• Redeployment
• HR Consulting & Training

Based on Services, the market is segmented into Outplacement, Career Development, Redeployment, and HR Consulting & Training. Several factors have catalyzed the strong demand for outplacement services. Companies have become more conscious of their brand image and have tried to minimize the negative effects of layoffs. Providing outplacement services is an indication of corporate responsibility and helps to maintain better relations with those leaving the company, as they may be called back in the future, and they help in public relations.

Outplacement Services Market, By End User

• Personal
• Enterprise

Based on End User, the market is segmented into Personal, and Enterprise. Large enterprises use the services more frequently due to large-scale layoffs and restructuring, in contrast to small businesses that need a structured approach to managing workforce transitions. Outplacement services protect big enterprises for their employer branding, reduce legal risks, and maintain morale for the employees retained by continuing to care about the workforce.

Outplacement Services Market, By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
• On the basis of Regional Analysis, the Global Outplacement Services Market is classified into North America, Europe, Asia Pacific Latin America, and Middle East & Africa. The Global Outplacement Services Market is experiencing a scaled level of attractiveness in the North America region. North America has a prominent presence and holds a significant share of the global market. It is anticipated to account for a significant market share of 36.58% by 2031. The region is projected to gain an incremental market value of USD 581.04 Million and grow at a CAGR of 7.17% between 2024 and 2031.

Key Players

The "Global Outplacement Services Market" study report will provide a valuable insight with an emphasis on the Global market. The major players in the market are The Adecco Group, Randstad, Manpowergroup, Hays plc, Hudson Global Inc., Prima Careers, Career Insight Group, Velvetjobs, CareerArc Group LLC, Frederickson Partners, Chiumento Limited, Connor, Careerpro Inc., and Mercer. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In September 2021, The Adecco Group has announced the acquisition of QAPA, a provider of fully digital workforce solutions in France. QAPA's online platform covers applicant sourcing, matching, and back-office processing. According to the company, it can deliver six qualified candidates per job offer on average, and in more than 80% of instances, it can discover at least one qualified match within four hours.
• In Febraury 2019, Mercer launched Mercer Learning Mobile, a series of micro-learning courses on a mobile platform, targeting HR professionals to upskill on the go.