5 Hacks to Lower Your Outplacement Services Cost
November 22, 2017 by Martina Markovska
Are you looking for ways to lower your outplacement services costs? Thankfully, there are numerous ways to bring down outplacement fees without losing any key benefits.
Let’s take a look at 5 hacks that will lower your outplacement services cost. They’re simple, easy, and can save you thousands of dollars.
You’ll love them.
1. Combine outplacement services
Outplacement firms often give discounts to clients who use a combination of their outplacement services. So if, for example, you want outplacement services for both your hourly workers and senior executives, you could negotiate lower outplacement services costs for a two-for-one deal.
Here are two of the most common outplacement packages available:
General outplacement program – This program includes all the necessities displaced workers need to secure a new job. Although there are countless outplacement services available, the most common ones include:
- One-on-one career coaching and strategy planning.
- Assessing and improving communication skills.
- Personal branding and establishing social media presence.
- Online and offline networking tips and strategies.
- Access to job search tools and platforms.
- Resume writing and career letter creation.
- Interview preparation.
Executive outplacement program – This is a specialized outplacement program for employees in senior positions within a company. Since higher level corporate jobs are more difficult to come by, executive outplacement processes specifically focus on accommodating the needs of senior executives.
Here is what you can expect to receive in your executive outplacement program in addition to the career services above:
- Specialized career coaching for senior executives.
- Comprehensive career assessment and expert guidance.
- Administrative assistance.
- Specialized interview coaching.
- Training for negotiating salary and employment packages.
- Onboarding guidance for quick and easy transition.
2. Use virtual outplacement services
Face-to-face outplacement processes are more expensive than indirect outplacement support. This is because face-to-face meetings with career coaches consume more time, especially since the displaced employees and career coaches need to travel to have meetings. A great alternative is to use virtual outplacement services.
Virtual outplacement programs allow the entire outplacement process to occur online. Displaced employees get access to all the outplacement resources and tools online, while the level of support remains the same.
Every outplacement firm has a different approach to the virtual outplacement process. At Careerminds, we have our own virtual outplacement program that is readily available to clients. Some of the virtual outplacement services we offer include:
- Independent access to career transition resources.
- Social learning tools to help outgoing employees stay on track.
- Multiple modes of communication.
- Easy access to outplacement software.
- Tightly integrated curriculum.
- Outcomes-based and action-oriented outplacement strategies.
- Affordable options to reduce outplacement services cost.
One of the best things about virtual outplacement is that it can lower the overall outplacement services cost substantially. It’s definitely worth looking into. If you’re interested to learn more about virtual outplacement services get in touch with Careerminds. We specialize in virtual outplacement programs that can lower your outplacement services cost without downsizing on quality or efficiency.
3. Ask for a loyalty discount
Ask for a loyalty discount from your outplacement provider to reduce your outplacement bill. Outplacement firms will do everything in their power keep their long-term clients happy. They might even already have a loyalty program in place or if they don’t they can introduce it.
So if you’ve been using outplacement services from a single outplacement firm for the past ten years, then you definitely deserve a financial incentive to keep using their services – such as lower outplacement services cost. Speak to your outplacement provider and ask for a loyalty discount. It’s more than likely they will accept.
4. Avoid retainer fees
Retainer fees are upfront payments made to an outplacement firm as a kind of a security deposit to be able to use their outplacement services whenever needed.
Lower your outplacement services costs by avoiding outplacement companies that charge retainer fees. If you’re already using outplacement services, you should check to see if you’re paying too much for outplacement services. Find out how much you could be saving by using this interactive calculator. It’s free to use.
5. Steer clear of time limits
Similar to retainer fees, time limits are another way for outplacement firms to earn more money from each employee layoff. Outplacement programs that have time limits mean that they are available to use for a limited amount of time only. So if a displaced employee is unable to find a new job within the set period of time specified by the outplacement provider, then they will have to continue their job search alone.
As a result you end up wasting money on a service that doesn’t guarantee positive results.
To ensure your money is well invested work with an outplacement firm that doesn’t have time limits.
At the moment Careerminds is the only outplacement provider that guarantees placement. We work closely with employees throughout the outplacement process and continue to offer support until job placement.
How can you find the lowest outplacement services cost?
Research plays an important role when looking for an outplacement firm that offers quality services at an affordable rate.
If you don’t do proper research you will most likely end up receiving bad outplacement services and have no results to show for your money spent. Here are some tips to help you in your search for the right outplacement firm:
- Ask for recommendations – Ask someone who is currently using or has used outplacement services to share their experience with you. This way, you can get a clearer picture of what you should expect in your outplacement package. Keep in mind it’s better to speak to trusted sources and ask them for recommendations.
- Shop around – Do an online search to find numerous outplacement providers and contact each one to ask for a proposal. See what they offer and compare their outplacement packages. Namely, what kind of outplacement services do they specialize in? Do they offer virtual outplacement services and do they have a demo you can look at? It’s definitely a good idea to compare and analyze different outplacement companies before making the final selection.
- Check credentials – You want to ensure your employees are taken good care of during their transition in and out of the workforce. Check the credentials of the career coaches working with the outplacement firms to determine whether they have the experience, knowledge and relevant qualifications to assist your employees throughout the whole outplacement process.
Want to get more bang for your buck? Contact Careerminds today to schedule your free demo.
In need of outplacement assistance?
At Careerminds, we care about people first. That’s why we offer personalized talent management solutions for every level at lower costs, globally.