Supplier Selection in Outplacement Services Procurement

The outplacement services category is anticipated to witness growth at a CAGR of 7.0% from 2024 to 2030.

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.

Access the Outplacement Services Procurement Intelligence Report, 2024 – 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

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.

Key Companies Profiled:

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

Outplacement Services Category Procurement Intelligence Report Scope

• Outplacement Services Category Growth Rate: CAGR of 7.0% from 2024 to 2030

• Pricing Growth Outlook: 5% – 10% increase (Annually)

• Pricing Models: Cost-plus pricing, bundled pricing

• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence

• Supplier Selection Criteria: Geographical service provision, industries served, years in service, employee strength, revenue generated, certifications, career coaching, e-learning / upskilling courses, social network integration, transition guides, job search, resume review, and alerts, technology support, and others

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model