March 24, 2020
According to a Market Intelligence on Outplacement Services report from Beroe Inc., the Global Outplacement Industry was estimated to reach $7 billion by 2020. Considering recent global events, we argue that actual figures will substantially surpass those expectations.
Unprecedented times are forcing employers worldwide to make difficult staffing decisions, in many cases having to reduce and/or redeploy talent. Businesses often turn to outplacement firms who assist individuals in determining what career path best suits them moving forward, and then guide and support them in their job search to achieve their career targets. Traditionally, these outplacement firms are not enabled with targeted, productivity increasing digital technologies, which can result in slow processing times, challenges in service accessibility and costs that do not always reflect the value provided.
Portfolio company CareerJSM has changed the traditional outplacement and career transition industry with its global Software-as-a-Service solution, leveraging artificial intelligence and machine learning to help navigate changing needs with a digital-first approach. The custom app analyzes resumes rapidly and matches candidates with new job opportunities based on keyword matches and other data filtering.
Digitization of this traditional industry makes the services more affordable and accessible to all. And using considerable client feedback that reflected the changing job market, CareerJSM has now evolved their technology into Thrive, a global Career Wellness Marketplace that provides even more assistance for businesses needing to transition and redeploy parts of their workforce. Career Wellness entails more than an employee getting a new job or promotion. The focus is put on the career path itself to enable employers, staff and job seekers to succeed and thrive.
How does the Thrive Career Wellness Marketplace work?
Job Seekers self-select career transition services to create a personalized experience. Deposited dollars by the current employer or the job seeker are converted to tokens, which job seekers use to purchase services that best align with their needs, including interview coaching, e-learning, headshots, resume writing etc.
The tool is valuable for outgoing employees and for upskilling and reskilling staff within an organization today. Responding to these unprecedented and uncertain times and recognizing that many businesses are not currently in a position to offer career transition services to employees, Thrive is currently offering its software at no cost to those impacted by COVID-19. Job seekers have access to all career transition services Thrive offers, including the resume builder, job search learning centre, job search tracker, the proprietary smart tracker browser extension and live-chat job search experts.
Visit thrivemycareer.com to learn more about the Thrive Career Wellness Marketplace.
Wesley Clover invests in a range of technology companies, and they bring impressive innovation to markets and clients around the globe. I/O is our way of sharing some of the best insights. I trust you will enjoy them.
Terry Matthews, Chairman