Making layoffs within a company and terminating employees is a responsibility that every boss wishes could be avoided. Unfortunately there are times when it cannot be avoided and it is the only option. No matter how terrible it is though there are ways to alleviate the harsh realities of layoffs; the best way to do that is by investing in outplacement services.
Companies that sign up for outplacement programs are giving their terminated employees a better chance of reentering the workforce as fast as possible. Once an employee is fired, he or she will receive support from a job-search professional that assists with things like resume building and interview skills.
As a company owner you might be on the fence about investing in outplacement. It isn’t a cheap endeavor to hire an outplacement agency but it is completely worth it. Making this investment is the best way to ensure the future of your employees. Wondering about the average cost of outplacement fees in 2019? Here’s what you need to know.
Basic Outplacement Plans
A basic outplacement plan won’t provide the most coverage but it typically offers resume building, cover letter development, and job search coaching. These plans are the cheapest ones available but they won’t offer individual attention like the more advanced outplacement programs.
They also offer a minimum amount of support time, usually between 30 to 45 days. On average the basic plans cost between $1000 to $1200 per employee you wish to cover. It is definitely the cheapest option but provides necessary coverage to assist with finding a job.
A step higher than the basic plan, a second-tier (or advanced) outplacement program will cost a bit more but also provides more perks. These services include interview coaching, mock interview sessions, professional profile updating, and digital branding analysis.
The more advanced plans tend to offer a longer support period. Basic plans provide support for one month, but these plans typically last for about 90 days from the date of termination. The average cost of an advanced plan like this is between $1500 and $1700 per person.
Elite Outplacement Programs
Elite outplacement programs are the best of the best and they have the highest success rates in finding jobs for each of your employees. These plans include all of the perks we just mentioned but they offer more individualized attention. Elite outplacement specialists sit down one-on-one with each individual and provide more personal guidance.
When you invest in an elite program your employees will have access to regular career coaching sessions and career transition support. Some of the best ones provide 120 days of support but on average you will find that they offer 90 days of coverage. Expect to pay about $2000 for each employee covered by the plan.
So is it worth it?
The cost might seem outrageous to you at first but companies that have made the investment say that it is completely worth it. Not only does it provide your employees with peace of mind, but also you as a company owner. You won’t ever have to worry about leaving your loyal workforce broke and jobless when you hire an outplacement agency.