Deciding whether or not to invest in outplacement assistance is a major decision for any company leader, no matter how big or small the business is. There is essentially no drawback to investing in outplacement, unless you are on a budget and forced to keep costs to a minimum.
So the decision should be an easy one. But if it still is not an easy decision for you, follow this basic guide to outplacement assistance and why every employer should deem it necessary.
What exactly is outplacement?
Outplacement services are aimed at helping any employees of yours who have recently been terminated. The point of outplacement is to help you ex-employees get back into the workforce as quickly as possible so that there is no lapse in regular paychecks (or at least just a small lapse).
What services are typically provided?
There is a variety of services provides with any outplacement package, one of the most common being resume writing services. In addition to helping perfect any resume, outplacement professionals assist with interview coaching, career counseling, and online professional profile updating. They are there to provide whatever support is necessary in your employees’ job search.
What are the average costs of outplacement services?
This really depends on the outplacement agency you choose and the package your opt for. On average, outplacement costs about $1500 per employee you wish to cover. This might seem like a lot, but it is a small price to pay when enhancing the wellbeing of your loyal team members.
The most basic outplacement package generally costs about $1000, but the amount of support is plenty. With the top outplacement agencies, a basic package at this price will include complete resume support, a complimentary cover letter, LinkedIn profile optimization, modern job search coaching, a 1-on-1 interview coaching session, and 6 weeks of support.
How long will it take for someone to find a job with outplacement?
This also depends on a few things. The economy is obviously a huge factor, as is the motivation of each individual involved. Take this for instance; if you have two people who are equally qualified but one is much more motivated to find a job ASAP, chances are that person will be working again within a few weeks.
Highly-rated outplacement services will provide a certain amount of support time for each package offered. A basic package should offer at least one month of support, but more expensive packages will include more service options, as well as a longer support period. The top-tier packages offer as much as 90 days of support. This means that outplacement professionals will assist the covered employee for as long as 3 months to help with the job search.
So, is it worth the investment?
Absolutely. Outplacement will help to keep a positive relationship with your current and ex-employees. It shows that you truly care about the people who work for you. Not only this though, it also decreases the likelihood of lawsuits from disgruntled employees that you’ve had to fire.
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