Michelle Bentley, General Manager, Hender Careers, June 2023
I am not an alarmist or pessimist, by nature or action – but I do believe in being prepared, staying across economic and market trends globally, nationally and locally and giving some forethought to ‘what if’s’?
The R word – Recession - is being floated about. So are many other economic terms that give cause for caution – more mortgage rate rises, power increases, various cost pressures and today’s announcement (Financial Review) that job vacancies have dropped 9% from their peak in May last year. So, following that thread – how safe is your job?
What if your role is made redundant? Dismissing it as a possibility for you may leave you more vulnerable. Role redundancy can be a challenging and uncertain time. But there are steps you can take to navigate this situation and move forward in your career, if ‘push comes to shove’!
So below are some tips to guide you:
- Remain Calm and Positive: It's natural to feel a range of emotions, including shock, disappointment, or even anger. Take some time to process your feelings but try to stay positive and focused on the future.
- Understand the Situation: Seek clarity on why your role was made redundant. Speak with your manager or HR department to understand the reasons behind the decision. This will help you make informed decisions and plan your next steps.
- Assess Your Finances: Take a realistic look at your financial situation and evaluate how long you can sustain yourself without a new job. Create a budget and identify areas where you can cut expenses if necessary.
- Update Your Resume, Cover Letter and Skills: Update your resume to highlight your accomplishments and skills. Consider obtaining certifications or taking courses to enhance your skill set and make yourself more marketable in your field.
- Network: Reach out to your professional network, including former colleagues, mentors, and industry contacts. Let them know about your situation and ask for their support, advice, or any job leads they may have. Networking can often lead to new opportunities.
- Explore Job Opportunities: Start searching for new job opportunities that align with your interests, competencies, and experience. Use online job boards, professional networking sites, and industry-specific sites to find open positions.
- Refine Your Online Presence: Update your LinkedIn profile and other professional networking profiles to highlight your skills and experience. Recruiters often use these platforms to find potential candidates.
- Consider a Career Change: Use this opportunity to explore different industries or roles that you may have been interested in but haven't pursued. Assess your transferable skills and knowledge and see how they can be applied to new career paths.
- Seek Professional Advice: If you're struggling to navigate the job market or need additional support, reach out to a career coach or a professional employment service. They can provide guidance, help you with job search strategies, and offer personalised advice.
- Take Care of Yourself: Losing a job can be emotionally and mentally challenging. Make sure to take care of your physical and mental well-being. Maintain a routine, exercise regularly, spend time with loved ones, and seek support from friends or support groups if needed.
It is important to remember, a redundancy is not a reflection of your worth or capabilities. But it can be an opportunity for growth and new possibilities. Stay resilient, maintain a proactive mindset, and embrace the chance to embark on a new chapter in your career. Apply these steps and bounce back with optimism.