Outplacement firms rake it in on job cuts

Outplacement firms charge a fee to the client, which can range from ₹40,000 to a couple of lakhs per candidate

- Devina Sengupta

Outplacement services that help employees in the firing line find new avenues are doing roaring business, at a time many Indian companies are shedding staff.

Startups as well as companies in IT, IT services and retail sectors are reaching out to help retrenched staff, human resources and manpower agencies said. Typically, outplacement takes about three months and only one in five candidates are forced to take a pay cut, they said. Apart from helping find new jobs, outplacement services help candidates polish resumes, coach them for interviews, and encourage them to join relevant social media groups.