Meaning of the word outplace in English

What does outplace mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

outplace

US /ˈaʊtˌpleɪs/
UK /ˈaʊtˌpleɪs/

Verb

to help employees find new jobs after their current employment ends, often due to redundancy or restructuring

Example:
The company decided to outplace its redundant staff to assist them in finding new opportunities.
Many companies offer to outplace employees affected by mergers.