The taskforce had hoped to persuade Goodyear to find a way to keep the 88 year old site open.
But the firm earlier this week confirmed a phased closure from December 2015, with production at the plant ending in January 2017.
Goodyear has yet to reach an agreement with Unite on the redundancy settlement for those affected by this decision.
In the meantime, the taskforce will work together on delivering recruitment and retraining support, as well as careers guidance, interview skills preparation and pension planning.
The taskforce will also have an input into a Goodyear jobs fair during the week commencing 23 November for those facing unemployment in December.
Councillor John Reynolds, Cabinet Member for City Economy, said: "Confirmation earlier this week of Goodyear's Stafford Road plant closure is a serious blow.
"Our thoughts, as they have been all the way through this process, are with the workers affected and their families.
"While Goodyear and the Union are still negotiating settlement figures, the taskforce recognises it can now start putting into place effective measures to help those affected by the decision.
"It is crucial there is a co-ordinated approach to providing a one stop shop for the workers affected to seek advice and support on their futures.
"Goodyear has chosen to end their long association with the city but we must remember there are reasons for optimism as well with a number of major employers moving to the area in recent times, such as Jaguar Land Rover and Wiggle.
"These companies bring with them a number of job opportunities which the highly skilled Goodyear workforce may be able to take on."
Wolverhampton North East MP Emma Reynolds added: "The confirmation that Goodyear is to go ahead with closures is a bitter blow for the workers, their families and for our city.
"The taskforce must ensure that every employee is given the best support, help and training possible so that they can move into another job."
The taskforce includes Council bosses, MP Emma Reynolds and representatives from Goodyear, Unite, Job Centre Plus, Department for Business, Innovation & Skills, Local Enterprise Partnership, Black Country Chamber of Commerce, Black Country Consortium, UK Trade & Investment (UKTI), National Careers Service and City of Wolverhampton College.
Any parties interested in contributing to the November jobs fair should make contact with Goodyear Dunlop HR department via email email@example.com.
- released: Friday 9 October, 2015