The global Outplacement Services Market is on a promising trajectory, with the market size expected to grow from USD 204.43 million in 2024 to USD 287.62 million by 2031, registering a compound annual growth rate (CAGR) of 4.36% during the forecast period. This growth is fueled by the increasing demand for career transition services, which have become essential for companies navigating workforce changes, particularly in the wake of global economic disruptions like COVID-19.
The growing adoption of outplacement services is driven by several factors, including the need for companies to maintain employee productivity, manage workflows effectively, and provide career support to laid-off employees. These services play a crucial role in helping organizations mitigate the risks associated with layoffs, such as damage to brand reputation and potential legal challenges.
Outplacement services, also known as career transition services, are offered by organizations to assist employees who are exiting the company. These services include career coaching, job search assistance, and emotional support, helping individuals navigate the competitive job market and secure new employment opportunities quickly. The best outplacement providers offer comprehensive support, including up-to-date training, job search counseling, and career coaching, which are essential for a smooth transition.
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Segment Overview
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By Services: The market is segmented into Outplacement, Career Development, Redeployment, and HR Consulting & Training. Outplacement services are in high demand as they help companies manage layoffs while maintaining a positive brand image and reducing legal risks.
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By End User: The market caters to both Personal and Enterprise segments. Large enterprises, in particular, are major users of outplacement services due to the scale of layoffs and restructuring efforts. These services help protect employer branding and maintain morale among remaining employees.
Regional Insights
North America is expected to dominate the global Outplacement Services Market, accounting for a significant share of 36.58% by 2031. The region's market is projected to grow at a CAGR of 7.17%, driven by the high demand for outplacement services amidst frequent corporate restructuring and layoffs.
Key Players in the Market
The major players in the global Outplacement Services Market include:
- The Adecco Group
- Randstad
- ManpowerGroup
- Hays plc
- Hudson Global Inc.
- Prima Careers
- Career Insight Group
- Velvetjobs
- CareerArc Group LLC
- Frederickson Partners
- Chiumento Limited
- Connor
- CareerPro Inc.
- Mercer
These companies are focused on expanding their service offerings through acquisitions and partnerships to strengthen their market position.
Recent Developments
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The Adecco Group: In September 2021, The Adecco Group acquired QAPA, a provider of fully digital workforce solutions in France, enhancing their ability to deliver qualified candidates rapidly.
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Mercer: In February 2019, Mercer launched Mercer Learning Mobile, a series of micro-learning courses for HR professionals, providing a convenient platform for upskilling on the go.
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Market Outlook
The Outplacement Services Market is set to experience significant growth in the coming years, driven by the increasing need for career transition support amidst rising layoffs. Companies are recognizing the importance of providing outplacement services to protect their brand image, reduce legal risks, and support employee morale.
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