Protection against legal action will lead to increased demand for outplacement services across the globe

Outplacement Services Category - Procurement Intelligence

The outplacement services category is anticipated to witness growth at a CAGR of 7.0% from 2024 to 2030. Global outplacement broadens the scope of regional outplacement programs to assist businesses with personnel dispersed over vast geographic areas. In the current era of remote work and fragmented labor forces, global outplacement aids companies in offering assistance to their employees regardless of their location. Many players in the category offer their services in a hybrid manner. They offer their solutions virtually / online, enabling access to the services to the employees (the takers) at their convenience and from the comfort of their own homes. Nonetheless, programs are combined to provide on-demand face-to-face help with virtual delivery in nations where face-to-face interaction is still valued. Outplacement not only protects the brand image, but also saves the business enterprise from legal actions.

North America dominates the global category, followed by Europe and Asia Pacific. The high adoption of cutting-edge technologies combined with the presence of major competitors offers the industry plenty of room to grow in North America. Unavoidably, the United States in particular will continue to play a significant role. Any changes in the United States will have an impact on the overall outplacement services industry in the region. Europe follows North America, witnessing high demand for the services offered in the category from various nations. In Asia Pacific, Singapore, India, Japan, and China are among the leading nations. Offering outplacement services to departing employees will have a positive impact on the brand image of various business enterprises that are based out of India.

The integration of cloud, analytics, and blockchain are the key technologies that are witnessing higher adoption in addition to artificial intelligence (AI) and virtual career coaching platforms. With a cloud-based outplacement method, customers and participants can access career guidance from anywhere in the world. This transcends geographical limitations. Consequently, attendees can avoid wasting precious time by commuting to large cities for classes or meetings with coaches. Employees can access the same services that were previously limited to those big cities from any place. For instance, Randstad RiseSmart offers a cloud-based solution that makes use of human filtering, semantic search, and aggregation technologies to match job searchers with available openings as efficiently as possible. The service provides highly tailored employment leads along with additional job search resources.

The outbreak of the COVID-19 pandemic caused a major disruption in the labor sector and a spike in unemployment rates throughout the world. Many businesses have lost customers as a result of the outbreak, and the GDP growth rate has significantly decreased. This has led to the increased demand for the services offered in the category as businesses strived to manage the economic uncertainty brought by the pandemic. The need for outplacement services changed as a result of high unemployment rates and difficulties with remote work. One of the challenges in providing individualized support was the remote nature of work transitions and the limited number of in-person meetings. In addition, budgetary restrictions imposed by businesses during the pandemic significantly impacted outplacement service accessibility and utilization, despite the heightened demand for support with career transitions.

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Outplacement Services Sourcing Intelligence Highlights

• The global outplacement services category is fragmented in nature, exhibiting intense competition with the presence of large number of service providers both at global and regional level.

• Threat of new entrants in the category is low to moderate, considering the initial financial expenditure necessary to set up the infrastructure and efficiently and effectively processing enormous amounts of data.

• Singapore is the preferred best cost country for sourcing outplacement services suppliers. The nation's job market is expanding, and it is a worldwide economic powerhouse, with current employment rate of 66.2%.

• Labor, technology (hardware / software), rent & utilities, training & development, maintenance & support, and others are the major cost components of Outplacement Services category. Other costs can be further bifurcated into administrative fee, interest on loan, tax, certification, insurance, and employee bonus.

Outplacement Services Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Category intelligence along with emerging technology and regulatory landscape

• Category estimates and forecasts from 2024 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Category report in PDF, Excel, and PPT and online dashboard versions

Cost Intelligence Highlights

Grand View Research has identified the following key cost components for the outplacement services category:

• Labor

• Technology (Hardware / Software)

• Rent & Utilities

• Training & Development

• Maintenance & Support

• Others

  • Administrative Fee

  • Interest on Loan

  • Tax

  • Certification

  • Insurance

  • Employee Bonus

Labor is the largest cost component of the outplacement services category.

List of Key Suppliers in the Outplacement Services Category

• Adecco Group AG

• Career Insight Group

• Careerminds Group Inc.

• Chiumento Limited

• Frederickson Partners

• Hays plc

• INTOO, LLC

• ManpowerGroup Global Inc.

• Mercer LLC

• Prima Careers Pty. Ltd.

• RiseSmart, Inc. (d.b.a. Randstad RiseSmart)

• VelvetJobs LLC