'Triggered by Impending Slowdown, Outplacements Back in India'

Monday, 31 October 2011, 05:17 Hrs   |    4 Comments
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MUMBAI: Outplacement trend is back in the domestic market as many companies are roping in third party consultants to find new employment for the laid off employees, according to recruitment service provider GlobalHunt.

"The concept of outplacements is taken up by most of the large global organisations as 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 told media.

Though outplacements happen in every industry, however, it is more visible in Banking, Financial Services and Insurance (BFSI), telecom, engineering and Information Technology (IT) sectors, he said.

With signs of impending slowdown, which began in mid of Q2 of 2011, 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 thin structure of the organisation so that there are smooth exits and employees get to explore opportunities available in the market with mindset to work harder and to sustain their jobs, he said.

According to Goel, companies are also getting into outplacement as lay-offs negatively impacts their existing 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 helped 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. Companies in Europe and the US have mostly been adopting outplacements as a gesture of goodwill for their employees, Goel said.
Source: PTI
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