A recent survey from Seek, the online job marketplace, showed that approximately 28% of people are made redundant at least once in their working life time.
Another survey in Australia has found that employers view redundancy as a commercial decision and it is highly unlikely to affect your re-employment prospects.
While these are interesting (and slightly comforting) pieces of information, they certainly don’t remove the big emotions that often come with redundancy.
Here are some things to consider:
1. Give yourself some time to reflect on what has happened BUT set a deadline after which you will get back into job hunting.
Being made redundant can be emotionally damaging and a really negative process if you did not want to lose your job. It is crucial that you take time to work through this so that you are ready to move on. However, it is also really easy to get stuck in the “vortex of negativity” and find that you are struggling to move forward. Having a deadline by which to start job hunting means that you will move through the vortex more purposefully.
2. Get a healthy routine going.
Make sure that you keep up a routine of getting up at a reasonable time, getting dressed and having tasks to complete each day – including time spent job hunting. It is especially important to stay connected socially. Don’t be afraid to tell friends that you have been made redundant – they may know of a job going that would suit you. Manage your physical and mental wellbeing – set up an exercise routine and make sure that you are managing your emotions as well.
3. Be aware of your personal brand.
Ask former colleagues for Linked In recommendations. Update your CV and practice interview skills. Do not be afraid to seek professional advice around this, especially if you have been out of the job market for a while. Reflect on what aspects of your former job that you liked and that you loathed and use this information to help you to determine what kind of job you would like now.
4. Look really hard at your finances.
Work out the minimum amount that you need to live on, to cover your living costs. If you have a mortgage, you can approach the bank for a mortgage repayment holiday for 90 days. Cut out unnecessary costs at this point in time. Check if you qualify for any financial assistance from Work and Income.
5. Consider all options available.
If times are tough in your industry, consider temporary work. Talk to a temp agency or a recruitment agency. There is always the possibility that they will know of a permanent position that you could apply for in the future. You could use this time to try something completely different until times get better. It is likely that future employers would view this positively.
Christian Bonadio, an Australian recruiter, commented on Linked In recently that resilience, resourcefulness, curiosity and a relentless approach to deliver an outcome (job seeking) are incredibly valuable traits that organisations are searching for.
If we can help with the financial side of things for you, please feel free to reach out.
Janet Natta is a financial adviser and director of Smart Money Advice, offering investment portfolio construction and management services to clients throughout NZ, as well as comprehensive financial planning advice to assist clients to build and protect wealth to achieve their dreams.
DISCLAIMER: The information contained in this article represents the views of the author. It is based on information believed but not warranted to be correct. Any views or information, whilst given in good faith, are given with an express disclaimer of responsibility and no right shall rise against any of the authors or Smart Money Advice or their employees either directly or indirectly out of any views, advice or information.