According to the International Monetary Fund, in 2023, the UK economy will shrink and perform worse than other advanced economies, including Russia. As the cost of living continues to hit households, the risk of redundancy will sadly become the painful reality for many as companies look to restructure to survive.
The uncertainty this can bring, consistently rates as one of the most stressful experiences that someone can go through. So, if you do find yourself in this unfortunate position, the following ten points may help you.
- Try not to take it personally.
How you react is probably the most important thing to consider. Losing your job is not a great feeling and it does feel personal, but it happens to hundreds of thousands of people every year. No matter how it came about, how you deal with it will have a significant impact on how well and quickly you come out of it.
- Process the information.
During the redundancy process, it’s important to take time to fully understand all the information that you are given. If in any doubt, ask for clarification as your employer is legally bound to follow certain specific processes and procedures. Remember, you do have the right to appeal if you feel that you were not properly consulted or have any sense that the company has not fulfilled their legal obligations to you. If that is the case, consider contacting an employment lawyer.
- Get Support.
Getting help from people whose opinion you value, and you believe will be open and direct with you can make a huge difference. So, talk to the people around you about your situation, what changes you may need to make and what they can do to help. Having people to bounce ideas off will make them easier to deal with. If you don’t have someone you are comfortable talking to and are concerned about how redundancy could impact you from a mental health perspective, you can contact MIND who will be able to help you feel more able to cope https://www.mind.org.uk/
- Review your finances.
According to the investment management company Vanguard, most experts believe you should have enough money in your emergency fund to cover at least 3 to 6 months’ worth of living expenses. If you are not sure how you stand financially, now is the moment to take stock. Understanding your financial situation will ensure that you are in the best position possible to make some informed choices as your work situation becomes clearer.
- Maintain Relationships.
Although it might be difficult, especially if you disagree with the outcome, maintaining good working relationships with your boss, peers and colleagues is important. You may still need a reference for your next position and those people that you have worked with might be able to introduce you to those who are in a position to hire or help you.
- Put together a plan.
It’s important you give your days and weeks structure to stay motivated and keep up your self-esteem. Look to replace your past working day structure with a new routine that allows time not only for searching for jobs, but also for friends and family, hobbies and your own health and fitness. Put in something that you can look forward to each week, and by sticking to a structure, you’ll know you’ve reached and earned a treat.
- Sign on.
Whether or not you need the money, don’t let pride prevent you from signing on as it is important that you claim as you may be able to receive credit for your national insurance (NI) account which will prevent any sizeable gap developing in your NI record. If you received any redundancy payment, you do not have to wait until you have used it all up before signing on.
- Look at this as an opportunity to change.
Because of the fluidity of the job market and often a focus on transferable skills, now might be a good time to consider a change in direction. If you do fancy a change, think about how big a change you either want to or can make. This could range from a complete career pivot into something totally different or a more subtle adjustment where only one element is changing such as role, sector or employment status.
- Searching for the right type of work for you.
Trying to identify and secure a new role is hard enough but searching without a clear focus will invariably lead to a less than optimal result. Therefore, your job search preparation should include:
- A Career Search Objective that answers the question, “So, what are you looking for?”
- A powerful CV, Capability Profile and LinkedIn Profile aligned to your objective and a comprehensive set of marketing messages.
- The actions you need to take to respond effectively to advertised positions, approach head-hunters and recruiters, make targeted direct approaches and network confidently.
- Think positive.
Although it can be traumatic at the time, many people find that in the long run, redundancy is actually the catalyst they need to take their career in the direction they actually want to go. If you can, use this time to think about what you really want, and if viable, why not go for it.
So, managing redundancy might not be as daunting as you first thought and may not require anything more than a fresh perspective and way of looking at it. It sounds simple and it is, it’s just not always easy, especially when trying to do it alone.
For practical advice on how to manage redundancy without being overwhelmed and come out the other side in better shape contact us to discuss how we can help contact using the form below.