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{Infographic} Outplacement Consulting Services & Unemployment in 2020

{Infographic} Outplacement Consulting Services & Unemployment in 2020

Outplacement consulting services are in high demand as unemployment in 2020 has skyrocketed due to shutdowns, quarantines, and lost business caused by the pandemic. Businesses were forced to learn a new way of operating, which led to furloughs and layoffs that affected nearly all sectors.

At its peak, unemployment in 2020 reached 14.7%. Prior to the pandemic, the unemployment rate was 3.5% in February 2020.1 For historical context, the U.S. unemployment rate averaged 5.76% from 1948 until 2020.2

This infographic looks at the toll the pandemic has had on unemployment in 2020 compared to the Great Recession. It also explores HR’s view on outplacement consulting services, including the top 5 reasons for offering them.

View the Infographic Now

 

Outplacement Consulting Services

More than 66% of employers offer outplacement consulting services as part of their severance and unemployment benefits.3

The goal of outplacement services is to help employees transition faster and more successfully. Cost cutting programs, mergers, restructuring, or other changes that lead to job elimination can otherwise tarnish an employer brand. Positive outplacement outcomes reduce unemployment expenses, promote positive morale for the remaining workforce, and leave the door open for redeployment – rehiring a former employee in the future. With this in mind, 92% of HR pros indicate they would value their employer’s decision to offer outplacement and job search services if they were affected by a reduction in force.4

Outplacement consulting services has evolved dramatically in recent years. While the services still help people craft resumes, the services provide so much more. View the infographic now to learn what HR professionals believe are the top 5 most important reasons for offering outplacement consulting services.

View the infographic and discover the true cost of unemployment in 2020 for both companies and the economy.

 

Sources:
1 The Economics Daily, Bureau of Labor Statistics
2 United States Unemployment Rate, Trading Economics
3 Outplacement Firms Struggle to Do Job, Wall Street Journal
4 Outplacement Study, IMPACT Group

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