DEFINITION of 'Outplacement'
Assistance provided through a third-party company and paid for by a former employer to help a laid-off employee find new employment. Outplacement assistance may include career counseling and analysis, professional resume writing, cover-letter writing, interview practice, salary-negotiation advice and resume distribution to employment agencies and head hunters.
BREAKING DOWN 'Outplacement'
Outplacement services were traditionally provided at an outplacement firm so that the former employee could have access to office tools (such as a phone and computer) that he or she needed in order to write resumes and cover letters and find new employment. Today, many employees have home offices and may only need to visit an outplacement firm for career counseling, if at all, since counseling may also be done over the phone.