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Value of Outplacement Services?
Old 11-05-2011, 07:50 PM   #1
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Value of Outplacement Services?

My job was eliminated a few months ago. I was fortunate to receive a fair severance package with outplacement services for 6 months since I did not want to pursue other positions with megacorp.

Even though I secured a new position with another company quickly (banked the severance $$), I decided to have coffee with the Outplacement company for various reasons....

- after the intro, I focused the meeting on "how to transition to a slower pace employment, i.e. part time, contracting for a staffing company, self employed consulting, etc. in the future
- assistance with generalizing my resume from my area of focus to more general, perhaps to increase new gigs one day. I'm ok with my job but might not do it if the $$ wasn't there, not passionate about it.
- approaches to take toward semi-retirement/early retirement (I got a deer in headlight stare), even tho the flyer said retirement transition
- no cost to me, but would only cost my former employer if I accepted the services (flat fee regardless if it's 30 minutes or 20+ hours, so it could be an easy assignment)

For most part, they referred me to their website for various assessments, questionnaires, etc. While I understand, I'll only get what I put in, I'm not so sure I care. I can see myself investing a few hours, but not much more. I'd rather use the time reading the suggested investing books normally listed here or Bogleheads, but then again a nap sounds good or walk in the park with my kids before winter comes.

I guess I feel this way as I will be FI in the near future (1-2 years), but figure I'll work until 50 (42 now) to get to a 3% SWR or lower. Given, I'll probably be a landlord after I leave megacorp, but I hope to keep that to be a very part time commitment.

Anyone use Outplacement services? What benefits did you value? Anything I should really explore?

Thanks for your feedback.
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Old 11-05-2011, 08:12 PM   #2
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I didn't use the services to any great degree ( I wasn't too seriously considering even part-time work), but heck, it's already paid for, so get everything/anything of value out of it that you can. I attended a few sessions/lectures - interesting speaker, had a nice chat with a wide range of people outside my usual circle, so it was entertaining to a point.

heh-heh - I recall one guy, he was at a stage of his career where he was really hurting from getting cut. He went to the ATM and paid something like a $2.50 fee to take out $5.00 for lunch. If I had known, I would have cut him a deal. Heck, that could be a new career for me!

You can always nap/read the the books after the 6 months is up. But, if like me, you don't really care - then go for entertainment value and when that is over, move on.

A friend of mine went to the outplace office everyday, just so he would appear 'busy' to DW, who was not so keen on the whole ER thing

-ERD50
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Old 11-05-2011, 09:20 PM   #3
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I think I would take the service. First, if you lose the new job you just got, it may not offer such services. Second, make sure you get their advice on ER and semi-R. That all have this advice...show them the flyer and tell them that's one option you want to consider. If the consultant assigned to you cannot fill your needs, request to talk to the office mgr and get re-assigned to a consultant who can really offer something useful. Also, if you've been in one job a long time and have not had to market yourself for a while, yo need to know that what HR managers or hiring managers look at these days is different than it was 10-15 years ago.

So in a nutshell, take the service, and make sure that you let your former company know how the service went...they all do surveys after the service that are supposed to be presented to the sponsor company.

Good luck

R
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Old 11-06-2011, 09:26 PM   #4
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ERD - Thanks for the response. So far I'm not aware of any sessions/lectures. It was one on one with heavy reference to their online tool. I have a follow-up in 3 weeks.

It's interesting how most on this forum would raise an eye brow on the $2.50 fee. I know some reimburse 2 - 3 out of network transactions, so let's hope he had that benefit. I would just delay the meal.

I was thinking of offering to my tenants a customized "rent-a-center" type service, they tell me what they need and I work up a price per month, seems like an opportunity to make a little $$, but some risk I'm sure.

Quote:
Originally Posted by ERD50 View Post
...snip... I attended a few sessions/lectures - interesting speaker, had a nice chat with a wide range of people outside my usual circle, so it was entertaining to a point.

heh-heh - I recall one guy, he was at a stage of his career where he was really hurting from getting cut. He went to the ATM and paid something like a $2.50 fee to take out $5.00 for lunch. If I had known, I would have cut him a deal. Heck, that could be a new career for me!
....snip...
-ERD50
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Old 11-06-2011, 09:32 PM   #5
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R - Thanks for your response. I'll use the service, but pretty sure my former employer won't care about what I think about it. Just a number that was dismissed.


Quote:
Originally Posted by Rambler View Post
.... snip...So in a nutshell, take the service, and make sure that you let your former company know how the service went...they all do surveys after the service that are supposed to be presented to the sponsor company.

Good luck

R
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Old 11-07-2011, 11:02 AM   #6
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I have never found their service to be of any value...


Just a way for the company to say 'we helped out our employees'...
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Old 11-07-2011, 11:19 AM   #7
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Originally Posted by Aiming_4_55 View Post
Even though I secured a new position with another company quickly (banked the severance $$), I decided to have coffee with the Outplacement company for various reasons....

.
You're working full time yet are spending time with an outplacement service?

I don't think I'd do that beyond perhaps getting a few specific objectives accomplished. You know, having them assist in doing a few versions of your resume' and cover letter. Perhaps getting some data together related to typical pay and benefit levels in your field.

You really need concentrate on fixing whatever it is that kept you from retiring at the time of the layoff.
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Old 11-07-2011, 06:48 PM   #8
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You're working full time yet are spending time with an outplacement service? Yes, guilty, just 30 minutes so far.

I don't think I'd do that beyond perhaps getting a few specific objectives accomplished. You know, having them assist in doing a few versions of your resume' and cover letter. Perhaps getting some data together related to typical pay and benefit levels in your field. Yup, getting them to generalize my resume vs. IT

You really need concentrate on fixing whatever it is that kept you from retiring at the time of the layoff. LoL just started my family a few years ago, so 2 little ones at home. I want some cushion, 42 now I'll work until 48 or so, but getting closer to FI
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