On May 4, 2015

So You Have Been Made Redundant? What Next?

Redundancy is not a dirty word but when you are retrenched it may seem like the end of the world.

Most of us will be made redundant at least one if not more in our working lives particularly when there is a downturn in the economy. However, this could be an opportunity to reinvent yourself.

Here are our tips to help you move through the initial shock and onto better things:

  1. Don’t take it personally
    The first time a person is made redundant is usually a shock especially if the person made redundant has an outstanding performance record going back years. In corporate speak, job roles, – not people – are made redundant so you could think of it that way. Stop focusing on the fairness and move into action mode. Meet with former colleagues and attend networking functions to let contacts know that you are available.
  1. Get support
    Many organisations offer an outplacement program. If they do, take advantage. As well as helping you cope with the emotional fall-out of a redundancy, outplacement services can provide you with a great opportunity to network as well as keeping mentally and physically active.Make the most of these services such as CV writing skills, interview skills training, ability to use office space as well as the ability to discuss potential opportunities with a career coach.
  1. Move into action mode
    Redundancy can be a shock and there will be grieving and possibly anger but do not get stuck there. Draw up your own action plan.Really use the time to consider what you are passionate about and what may be possible now that you have the opportunity of time.
  1. Be flexible and consider upskilling
    It might make sense to look at both the permanent and contingency markets simultaneously. You need money coming in and often people “pound the pavement” looking for permanent work while burning through their redundancy pay out and other savings and only then consider contract work. Just stay open to options and be flexible as you are working out what your next opportunity could look like.You also have picked up a whole bunch of skills in your previous roles. If you are in an industry that is declining, you could consider transitioning to looking for roles in another industry. Research is key so do your homework. Speak to career coaches, speak to others who are currently in the industry and ascertain what upskilling is required.
  1. Get your finances in order
    Work out all debts and your living expenses so you know the minimum you need to earn each week to meet your obligations. Your financial adviser can provide support and assistance in making your redundancy payment last the distance.

 

This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.

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