Outplacement: Smoother Way For Layoffs

Monday, 31 October 2011, 02:47 Hrs   |    3 Comments
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MUMBAI:In view of a possible economic slowdown, companies are realising that right-sizing is on the cards and are resorting to outplacement, a smoother way of layoffs, says recruitment service provider GlobalHunt.

"The concept of outplacements is taken up by most of the large global organisations since this is a smoother way of lay-offs. This is generally done when companies do not want to get into mass lay-off numbers or they do not want to be tagged for sacking," GlobalHunt Director Sunil Goel said.

Though outplacements happen in every industry, it is more visible in banking, financial services and insurance (BFSI), telecom, engineering and information technology (IT) sectors, he said. In outplacement, firms help redundant employees find new jobs.

With signs of impending slowdown, companies are adopting a cautious approach as they realise that right-sizing, cost structure and alignment are on the cards, Goel said. "Firms are helping to outplace those who are not required as per the thin structure of their organisation so that there are smooth exits and employees get to explore opportunities available in the market with a mindset to work harder and to sustain their jobs," he said.

According to Goel, companies are also getting into outplacement as lay-offs have a negative impact on their workforce. Earlier in mid-2008, outplacements took place across industries and at all levels, he added. However, with the sudden fall in the market towards the end of 2008 and beginning of 2009, the concept fizzled out, Goel said.

"In Q1 and Q2 of 2009, almost every company was in the process of alignment and right-sizing the structure. Many of the companies, even with outplacement policy, were not able to implement it and help the people because the economy was gloomy in India," he added. Outplacements help companies in creating a positive brand image and in future helps them in attracting talent pool.
Source: PTI
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