U.S. Outplacement Services Market Size By Product (outplacement, career development), By End-User (personal, enterprise), By Country And Forecast

U.S. Outplacement Services Market Size And Forecast

U.S. Outplacement Services Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2022 to 2030.

A person can escape the cutthroat employment market and move into a desirable new employment as early as possible with the help of outplacement services, which offer practical and psychological mentoring and coaching support. The rise of the worldwide outplacement services market has been fuelled by factors such as mass employment by firms, disclosure of information, economic viability, and repeated layoffs. The U.S. report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

U.S. Outplacement Services Market Definition

Outplacement services are supplied by reputable corporations or organizations willing to assist those who are leaving the company. Career transition services is another name for it. Outplacement services also include a wide range of services that help people find new jobs, and they can vary depending on the outplacement provider. Outsourcing agencies aid former employees in transitioning to new jobs and re-orienting themselves in the job market, whereas a recruiting agency seeks new experts for available positions within the company.

Outplacement services give clients practical and emotional professional career assistance, allowing them to avoid the competitive job market and enter a suitable new career as soon as possible. It also allows businesses to focus on their vigor for business operations rather than avoiding the time and effort required to support departing employees and maintain team morale. Although outplacement has always been used to help employees, its delivery method has changed dramatically in recent years to match organizations’ evolving demands. Employees have grown to anticipate convenience from whatever service they engage with in today’s digital world, and outplacement is no exception. With the press of a mouse, modern outplacement services may provide coaching and tools that are instantly accessible and on-demand.

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U.S. Outplacement Services Market Overview

The outplacement sector has grown exponentially over the last two years, owing mostly to increased layoffs and organizational shifts or reorganizations, propelling outplacement services across geographies. Due to changes in political reforms across the United States, there has been an increase in layoffs. Organizations are rethinking their workforce strategies in different parts of the world. The use of a flexible workforce is becoming more popular as a way to modernize organizational structures and retain people. The rise of virtual programs for outplacement services aids buyers in maintaining their anonymity.

Due to lockdowns, travel bans, and commercial shutdowns, COVID-19 has had a negative impact on economies and businesses in a number of countries. The shutdown of a number of plants and companies has wreaked havoc on global supply chains, causing manufacturing, delivery schedules, and product sales to be disrupted on a global scale. A few companies have already said that goods deliveries may be delayed, and future sales may suffer as a result. Furthermore, global travel bans enacted by the United States are jeopardizing commercial collaboration and partnership opportunities. As a result of the outbreak, many businesses have lost business, and GDP growth has slowed significantly. As a result, companies are forced to lay off a considerable number of employees. This is where outplacement services come in, and the market is being propelled forward by the considerations outlined above. However, a variety of regulations and hurdles are preventing the market from expanding. Many unemployed people are approached by fraudulent businesses. Unemployed people become victims of these frauds and lose money. Furthermore, concerns about employee data privacy may stymie the global outplacement services market’s growth.

U.S. Outplacement Services Market Segmentation Analysis

The Global Outplacement Services Market is Segmented on the basis of product and End User.

U.S. Outplacement Services Market, By Product

• Outplacement
• Career Development
• Redeployment
• HR Consulting and Training

Based on Product, the market is segmented into outplacement, career development, redeployment, HR consulting, and training. The outplacement segment now maintains the biggest market share and is expected to continue to do so over the projection period. Some organizations provide outplacement services to their former employees, while other agencies assist people in transitioning to new jobs. The expansion of the outplacement services market might be attributed to regular layoffs and hiring by various organizations.

U.S. Outplacement Services Market, By End-User

• Personal
• Enterprise

Based on End-user, the market is segmented into personal and enterprise. The CAGR for the enterprise segment is expected to be the highest. The factors can be ascribed to the use of outplacement services by large companies in the US. The outplacement service agency is used by large corporations for mass hiring and assisting employees in transitioning to new positions.

Key Players

The “US Outplacement Services Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Careerminds, Lee Hecht Harrison (LHH), Right Management, The Global Outplacement Alliance (GOA), VelvetJobs, Mercer, Challenger Gray, RiseSmart, Career Partners International (CPIWorld).

Our market analysis also includes a part dedicated only to such large firms, in which our experts present an overview of the product benchmarking, main players’ financial statements, and SWOT analysis. The competitive landscape section of the report also includes an analysis of the above-mentioned players’ worldwide development strategies, market ranking, and market share.

Key Developments

Mergers and Acquisitions

• In August 2021, LHH will extend its leading market position and widen its consulting offering with the planned acquisition of BPI Group in France. The initiatives mentioned are completely consistent with our Future@Work objective of actually differentiating ourselves and investing in higher-margin, faster-growing categories.
• In March 2022, Careerminds Group Inc., a modern global provider of outplacement services, announced a 100% acquisition by Talent Inc., a leading provider of tech-enabled career services.

Partnerships, Collaborations, and Agreements

• In June 2021, INROADS, Inc., a global personnel and career development leader, partnered with Careerminds, a global contemporary outplacement service, to ensure that INROADS alums and interns are well-positioned to benefit from the changing economy. At its peak, the number of people seeking unemployment benefits in the United States surpassed 30 million. Millions of Americans have been left jobless as a result of the pandemic and other causes such as global trade issues. People of color have been disproportionately affected.

Product launches and product expansions

• In August 2021, the next phase in the Future@Work strategy’s accelerationA superior customer experience will be driven by the simplification of the brand portfolio, positioning LHH as the global lead brand for talent solutions, and reforming its operational model. LHH’s development and profitability will be boosted, and its leadership in the HR services industry will be strengthened, thanks to a unified and well-known global brand.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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