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I’ve Been Made Redundant, Now What?

  • 3 min read

Breathe! Easier said than done, right? If you’ve been made redundant it can create financial strain, personal stress and mental health issues but it can also allow you to re-evaluate your situation. As 2020 rolled on, more and more people were made redundant, dealt with numerous restructures and closures and simply lost the traditional sense of security which once existed in permanent employment. So what do you do if you’ve been made redundant?

The first thing to remember is to not take a redundancy personally. Management make positions redundant, not people. Don’t dwell on it and question why you’ve been made redundant, it will just delay your motivation to start the hunt for a new position. If you can afford it, take some time out and evaluate what your next steps will be. Here are some steps to help you get going…

  1. Draft a budget. Confirm what your payout will be and the tax implications which vary to normal payment of salary. Outline day to day living expenses and how long you can go without any income coming in. Use that as your goal as to when to be gainfully employed again.
  2. Be mindful that in this market contract and part-time work is becoming more available which might give you some more time to find the perfect role. Also, keep in mind that contract and part-time work can sometimes also evolve into full-time employment.
  3. Review your resume and cover letter. Have one basic copy and others you can tailor to specific positions you’re ideally looking for.
  4. Do some interview training and contact your referees to let them know you’re looking for work and that they might receive a call from a prospective employer.
  5. Reach out to your network – most positions aren’t advertised externally these days and many companies will lean towards employing a referral over a direct application. Talk to ex-colleagues and managers, attend online networking events (LinkedIn is a great resource for this!), speak to recruiters who are specialists in your field. Be honest and open about your redundancy and be sure to talk positive. Remember, this was not about your performance!
  6. Be prepared to be flexible on what you’re looking for. Not many people find their dream position straight away. Consider contract and part-time work and even use these short term positions to try something different or take a step back to focus on yourself and what you really want.

Lastly, if you’re struggling, reach out to someone for help. This could be a financial adviser, a career coach, councillor or psychologist. Sometimes venting or speaking your thoughts out loud can create a clearer path for your next step but also it can ensure you stay positive and focused on finding your next opportunity.