PUBLISHER: 360iResearch | PRODUCT CODE: 1466013
PUBLISHER: 360iResearch | PRODUCT CODE: 1466013
[184 Pages Report] The Outplacement Services Market size was estimated at USD 4.89 billion in 2023 and expected to reach USD 5.25 billion in 2024, at a CAGR 7.48% to reach USD 8.11 billion by 2030.
Outplacement services refer to the range of career transition support services provided by specialized firms to assist organizations in managing workforce restructuring, particularly during layoffs, corporate restructuring, or mergers and acquisitions. These services aim to facilitate a smoother transition for displaced employees by providing personalized coaching, skill development opportunities, job search assistance, networking platforms, and other resources to boost their employability and help them secure new jobs. Periodic economic downturns have led to increased layoffs worldwide, creating the demand for outplacement services. Organizations are increasingly adopting outplacement services to improve talent retention post-restructuring. However, high cost and changing quality standards may adversely impact the use of outplacement services by the end-use sectors globally. Moreover, creating tailor-made programs addressing specific requirements unique to various industries can enhance service relevance and encourage their adoption by business organizations worldwide.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 4.89 billion |
Estimated Year [2024] | USD 5.25 billion |
Forecast Year [2030] | USD 8.11 billion |
CAGR (%) | 7.48% |
Type: Extensive use of individual outplacement services to offer personalized support and guidance
Individual outplacement services offer personalized support for employees at all levels undergoing career transitions. These services encompass one-on-one coaching, resume and interview preparation, customized job search assistance, and access to job market resources. Group outplacement services focus on supporting multiple employees impacted by organizational changes such as layoffs or restructurings. Furthermore, executive outplacement services cater to the specific needs of senior-level professionals requiring customized strategies and resources for their career transitions. These services include dedicated coaching, personal branding, networking opportunities, and targeted job search assistance. Moreover, outplacement counseling programs emphasize the psychological aspect of career transitions, addressing emotional well-being and providing guidance on navigating professional changes.
Offering: Extensive utilization of career coaching & counseling and training & skill development for individuals' long-term career planning
Outplacement firms offer professional resume & cover letter writing services to help displaced employees present their skills and experiences effectively to increase their chances of securing new employment. Career coaching & counseling aim to provide emotional support and strategic advice to individuals undergoing career transitions. Career coaches assist with identifying professional goals, overcoming obstacles, and developing actionable plans to achieve career aspirations. Expert consultants provide coaching on interview techniques to effectively answer common questions, body language tips, and negotiate job offers. This preparation aims to build confidence and significantly improve the chances of success in job interviews. Outplacement services include personalized job search assistance, guiding clients to find relevant job opportunities, and teaching them how to leverage their professional network. In addition, outplacement firms organize events or facilitate introductions to industry professionals, allowing individuals to expand their professional network and uncover hidden job opportunities. Recognizing the importance of continuous learning, many outplacement firms offer workshops or access to online learning platforms. These resources help individuals acquire or improve new skills, making them marketable to potential employers. Moreover, guidance on effectively using social media and developing a personal brand can be part of outplacement services. This includes optimizing LinkedIn profiles and ensuring a consistent online presence that appeals to recruiters and hiring managers.
End-Use: Growing deployment of outplacement services by enterprises for managing workforce transitions
In the enterprise segment, outplacement services are critical in helping organizations effectively manage workforce transitions, such as layoffs, mergers and acquisitions, and restructuring. These services offer a tailored approach to meet specific enterprise needs and support impacted employees in finding new career opportunities. Individuals who have been laid off or are seeking a career change benefit from outplacement services to find new job opportunities suited to their skills and preferences quickly. Personal outplacement services provide job seekers with one-on-one coaching sessions on resume writing and interview preparation with industry experts.
Regional Insights
The outplacement services market is evolving in the Americas owing to the significant investments by various business organizations to support employees during restructuring and downsizing. The rise in unemployment rates and emphasis on supporting affected employees during difficult transitions have amplified the adoption of outplacement services in the Americas. European Union (EU) countries have experienced growth in the outplacement services market owing to the labor laws, which incline multinational organizations operating within this region to deliver efficient outplacement solutions. In the Middle East, ongoing economic restructuring has contributed to increased demand for outplacement services. Rapid population growth in Africa presents unique challenges to its labor market, including skills gaps and high youth unemployment rates. Investment in workforce development programs by governments and international organizations reflects growing recognition of outplacement services as essential in addressing these issues in the African region. Significant investment in human resources and talent management initiatives, driven by government reforms and technological advancements, have encouraged the growth of the outplacement services market in APAC. In addition, the proliferation of virtual outplacement services is anticipated to propel their adoption by the end-use sectors worldwide.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Outplacement Services Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Outplacement Services Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Outplacement Services Market, highlighting leading vendors and their innovative profiles. These include Adecco Group AG, ADP, Inc., Agilec, Airswift Holdings Limited, Arthur J. Gallagher & Co., Canada Career Counselling, Career Compass Canada, Career Partners International LLC, Career Star Group, CareerPro Inc., Challenger, Gray & Christmas, Inc., Chiumento Limited, CMS Career Management Solutions Inc., Daily Muse Inc., Feldman Daxon Partners Inc., Gi Group Holding S.p.A., Hays PLC, Hudson Global, Inc., IMPACT Group, Innovate ICC, Kelly Services Inc., Keystone Partners, Knightsbridge Robertson Surrette, Korn Ferry, ManpowerGroup Inc., Mercer LLC, Randstad NV, Talent Inc., The Barrett Group, The Connor Consultancy by NFP UK Group, VelvetJobs LLC, Vision India Services Pvt. Ltd., and Weapply Canada.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Outplacement Services Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Outplacement Services Market?
3. What are the technology trends and regulatory frameworks in the Outplacement Services Market?
4. What is the market share of the leading vendors in the Outplacement Services Market?
5. Which modes and strategic moves are suitable for entering the Outplacement Services Market?