What Are Your Options When You're Made Redundant?
There’s never a good time to hear that your role has been made redundant. With the news comes a plethora of emotions ranging from anger to despair (and sometimes relief!). Often, your concern is primarily based around how you can manage your financial commitments until you can secure a new role.
Being made redundant is not your fault! Whether through the state of the economy, company restructuring or the business has ceased to trade, the fact is that redundancy will affect most of us at one point or another throughout our career.
You may already have an idea that redundancy might be on the cards, through rumour or a general feeling of ‘tightening the purse strings’ and this may have caused you some anxiety. However, this also gives you an opportunity to re-evaluate your career and start planning in case your role is affected.
You've Been Given the News - What Now?
Do not second guess yourself! Redundancy can knock your confidence for six! Being made redundant is not something you have any control over and that can be a very unsettling feeling. Allow yourself time to process the emotions you are feeling and then try to take a step back and take control of the situation.
Get up to speed on your redundancy rights! Check your employment contract and company policies for any mention of redundancy. Government websites usually contain relevant information regarding your minimum entitlement. This is also an opportune time to see if you are entitled to any benefits until you secure your next role.
Tell your family. Then tell your friends. Then tell your work contacts. Connect with your colleagues, suppliers, clients, industry contacts and competitors on LinkedIn - one of those people in your circle could help your job search over the coming weeks and months. Ask people you have worked with for a LinkedIn recommendation.
Get your resume up to date! Start making a list of your achievements. Make sure that you include examples with DELIVERABLES – facts and figures have power.
Explore your options. There are a few options available to you and your decision may depend on your personal finances; how much, if any, redundancy pay you are entitled to; and your personal feelings about your current job. This is where you might actually get excited about the whole idea of redundancy!
Look for a new job straight away. This is usually the default position most people take. It is often the most obvious choice, particularly if you have people depending on you or other financial commitments.
Consider a complete career change. If you have been unhappy in your role for some time, redundancy is an excellent time to reconsider your priorities and decide whether a complete change of role is right for you. You might also consider a return to education or completing some training. Don’t forget that your resume will need to highlight your transferable skills.
Take a career break. A lot of people use their redundancy as a career break opportunity, funded by their pay-out.
Whatever you decide to do, good luck! And let us know how you get on.