Losing your job is tough to deal with. Not only are you faced with a loss of income – which brings with it fear and uncertainty – but it can also lead to a loss of confidence in your ability to perform in the workplace. It’s easy to assume your skills are no longer valued, but it’s also important to understand that redundancy can often be due to circumstances outside your control – and can have nothing to do with your ability to perform your job. Many a good worker has lost their job and you are no exception.

It helps to take the following positive action steps if redundancy should happen to you:

  1. Determine what you should receive. Is there a redundancy clause or training package available with your organisation? Many companies, particularly larger ones, offer support for staff who are made redundant, including the opportunity to reskill, receive redundancy, or get help with updating their resume. Find out what’s available and take advantage of it.
  2. Review your costs and make a financial plan. How many months can you live without work? It’s important to be positive but you also need to be prepared for the worst. What costs do you have on the horizon? Are you able to still meet your mortgage commitments? Can you cut unnecessary costs out of your life, at least in the short term? Every dollar you can save now will give you more time to find the job that’s right for you.
  3. Review your resume. If you haven’t moved jobs for a while chances are your resume may be a little out of date. Now is a good time to dust it off and spruce it up with some of your more recent skills and achievements.
  4. Upgrade your skills. The positive side of being redundant is you will have more time on your hands. This is a good time to upskill yourself in areas related to your industry or role that you may not have had the chance to work on before.
  5. Decide what you want. Now is the perfect time to re-evaluate and make a conscious choice about your career. Moving from position to position often sees your career path heading in a certain direction whether you want it to or not. An enforced layoff may be the perfect time to decide if you want to continue in the field you’ve been involved in or head for pastures new.
  6. Get out and about. Being made redundant can be a depressing experience and it’s important you don’t shrink into yourself and avoid other people. Hanging around home will make you feel worse. Get out and see people, do some exercise, even consider some volunteering to keep yourself active while you’re been applications.
  7. Let people know you’re out of work. Many people feel stigmatised by redundancy and try to keep it a secret. This however is counterintuitive. Letting others know you are available for work, especially those closest to you, can see new opportunities open up unexpectedly. People prefer to work with those they know and trust and your friends, or people they know, can often be the best source for your next employment opportunity.

Above all don’t take it personally. Your position may no longer be required but that doesn’t mean you aren’t. Most companies would prefer not to have to deal with redundancy and seldom make the decision based on job performance alone. Stay positive and see it as a chance to explore new opportunities. It may just be the best thing to happen to you.

If you’re dealing with redundancy or likely to in the near future, you may find it beneficial to talk to a financial advisor who can provide you with the knowledge and advice to make the right decisions.

Mynextadvice helps individuals connect to the best Advisors in just a few clicks.

The information in this article is general in nature and does not take into consideration your personal situation or circumstances. You should consider whether the information contained in this article is suitable to your needs and where appropriate, seek professional advice from a Financial Advisor or other finance professional.

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