Losing your job can be one of the most traumatic experiences of your work life. The good news is that, even though redundancy can be traumatic, it’s also a great opportunity for a new start.
Here’s my 10 point plan to help you to take control after you have been made redundant.
#1 Run the numbers & take stock
The first thing I always encourage my clients to do is to look at their entitlements and run the numbers.
My tip: Whether your payout is for a month or almost a year, sit down and do two things:
- Check to make sure your payout is correct and that you were taxed correctly. Not sure how?How much Redundancy Pay (Fair Work Ombudsman) and Redundancy Payments (ATO) will give you the info you need.
- Work out how long your payout will last you. The easiest way is probably to work out how much you need each month to live on, based on your normal monthly spend over the last several months. https://www.moneysmart.gov.au/life-events-and-you/life-events/redundancy
#2 Accept out-placement services
If your workplace is offering out-placement services, take advantage of them. These can include help with your resume and giving you access to resources and information you’d otherwise have to find on your own from places like Centrelink or Job Services Australia.
My tip: Check out what we offer www.thejobsearchcoach.net and speak to your former employer about outplacement services as part of your redundancy package.
#3 Be realistic & write a redundancy action plan
Most job hunters overestimate how easy it will be to get another job.
Drawing up a plan of action will not only help bolster your spirits, it can also provide a road map to get your career back on track.
My Tip: Don’t limit your career options to a role similar to the one you just left.
- If you believe your skillset is outdated or your skills lie in an area of work with poor long-term prospects, consider undertaking retraining.
- If you’re confident you have the skills to rebuild your career, be sure your redundancy plan lists all the ways you will look for a new job.
- If your employer offers an outplacement service, make the most of what’s available. Surviving redundancy is all about tapping into every possible resource.
#4 Prepare your job hunting toolkit
Be smart, don’t rush and take stock of where you are at, where your industry is at and where you might go next. We call this a career health check
My tip: Invest some of your redundancy payout into your future. Hire a professional career coach to help you with your career toolkit, resume, cover letter, LinkedIn profile, job search, interview preparation and so on. This will help you secure a new job in a shorter period of time and let you focus on the job search itself.
#5 Take a break
Once you’ve worked out how long your payout will last, take some time off – whatever you can reasonably afford.
My Tip: Even if it’s only a week or two, you need to take some time to process what’s happened. Unless you took a voluntary redundancy, chances are it has all come as a bit of a shock. Now is not the time to rush into anything.
#6 Make a choice
How often in adult life do you get to sit back and think about what you want to be? Many of us end up on a career path by chance rather than pure design. This is the silver lining of redundancy – you now choose what is next.
My Tip: Before you go out and start applying for the same job you were doing, think about what it is you really want to do. I don’t mean pie in the sky fantasies but look at what you want to do in the next chapter of your life. Consider what other jobs and roles could be open to you based on your experience and skill set. If you need help deciding or figuring this out, hire a career coach.
#7 Stay flexible & motivated
Flexibility is critical when it comes to coping with change.
Being prepared to look outside your current industry, or to take on interim or project work while looking for a permanent role can help you seize opportunities you may not have previously considered.
Without the routine of working life, it can be easy to fall into a slump.
My Tip: Try to maintain some sort of daily routine to stay focused and proactive. Factor regular time for job hunting, networking and self-improvement, but also remember to socialise and maintain a healthy lifestyle through exercise and good diet.
#8 Leverage your network(s) + family & friends
Being made redundant is not the time to sit in silence, especially in this current market. It is not like you are alone in searching for a job.
My Tip: As well as recruiters and job applications, social media such as LinkedIn, Twitter and Facebook provide important tools to connect to professionals that could be your next employer or provide the lead you need to find that next role.
This is where sporting clubs, community organisations and friends are important. You may know someone who knows someone who needs someone.
It is also important to maintain contact with professional networks and keep yourself a visible part of your industry.
#9 Your most valuable asset is your time
If you haven’t changed employers in recent years, you might find that job-hunting takes longer than in the past. After you are made redundant, manage your time and resources wisely from day-one. Get to work on your career plan right away, or maybe after that much needed break we spoke about above.
#10 Don’t job hunt alone
Don’t try to do it all yourself and don’t isolate yourself during your job search. This is important in order to be more effective and also to avoid those downward spirals that can happen during any prolonged job search.
My tip: Get help from professionals who know where to job hunt, how to apply and more click here
What we do often defines a big part of who we are. However, a redundancy can change your life and turn out to be a blessing if you tackle the challenge in the right way.
Just remember to hunt wisely!