Everything You Need to Know About Outplacement
Updated: Dec 2, 2020
What is Outplacement?
Outplacement helps employers and employees with the termination process. For example, it could mean having a consultant sitting in on the termination meeting, helping to draft the termination letter, providing one-on-one coaching for the terminated employee, which could include assistance with how to write a resume and how to search for jobs effectively.
Why would an employer invest in this?
It can help minimize an organization’s exposure to a potential lawsuit by helping the terminated employee find another position quickly and minimize damages on their end.
How does outplacement work?
If the outplacement firm is hired to help the employer with crafting a termination letter and providing coaching for the terminated employee, the letter would include details about the coaching package and contact information of who they should get into touch with.
A couple more points about purchasing…
- Terminated employees are able to purchase an outplacement package directly from a firm.
- In some cases an employer may offer a credit to the terminated employee to use and buy an outplacement package for themselves.
How do you find outplacement services?
You can find firms by referrals or doing a quick Google search. Here at TorontoJobs.ca we also offer these services, which can be found here or you can reach out to sales@TorontoJobs.ca. You can also get additional coaching and training resources at TalesfromtheRecruiter.ca.
Who is a good candidate to receive outplacement services?
There isn’t really a concrete answer to this, as any employee at any level is eligible to receive or get outplacement services. Especially if you are terminating a long-time employee, providing these types of services for them will help them find another position after being out of the job market for quite some time.
What services does outplacement include?
- Resume reviewing
- Job search advice
- Interview training
- Career planning
- Career assessment… and more!
What should you look for in an outplacement firm?
For one, the cost of getting a service like this is obviously something to consider. You should also look at the reputation of the firm – do they deliver? You’re coach/consultant should also have a number of years of experience under their belt.
You can watch President of TorontoEntrepreneurs.ca Marc Belaiche, CPA, CA discuss this topic here.
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