When redundancy looms

With the national and global economy seemingly stuck on a perpetual rollercoaster ride, most of us are probably aware that job security for life is a thing of the past.
While our grandparents often remained with the same business or company for decades, today’s work environment is characterised by change, disruption and at times uncertainty.
Today’s employee also faces the prospect of redundancy, which can come at unexpected or unforeseen moments in your career.
Redundancy is of course a difficult experience. But it can be made easier with some preparation and employment house-keeping, ensuring you’re not completely left out in the cold if you’re forced out of your job.
Here are some tips to help get your prepared if you face redundancy:
Update your resume
Take this opportunity to do what most of us put off or forget: update your resume. You’ll be out in the jobs market looking for a new role, so a professional and up-to-date resume is the first thing you’ll need.
In addition to giving your personal brand and work history a refresh, the process of reviewing your achievements and skills and recognising your value to a future employee will also help your confidence levels and provide some perspective as you go through the redundancy.
Review your finances
Redundancy means you may be without an income for a period, so it’s vital to take stock of your finances.
Think about doing up a personal budget so you can clearly see what you’re spending your money on and what your fixed expenses are. This will also help you cut back on some of those luxury items, such as eating out or buying takeaway, that you will have to reduce until you find your next job.
While it may be a little painful in the short term to cut some of those niceties in life, it will be vital to live a little more frugally until you land in a new role.
Depending on your personal experience, you should do some research about what unemployment benefits you might be entitled to. A visit to Centrelink to find out more information would also be advisable.
If you own a home, consider getting income protection insurance to help you through the tough times to ensure your main asset is safe.
Get some new skills or training
Now that you’ve updated your resume, you should be able to identify any gaps in your skill set or experience. While you have time as you seek your next role, why not consider doing some short courses or study to beef up your qualifications.
You can do anything from a short online course to a longer term training module offered by a provider such as TAFE.
Touch base and reach to your networks
Don’t be shy about utilising your contacts and networks to find new opportunities. The sooner you start emailing, phoning or catching up for coffee with your circle of contacts and acquaintances, particularly those in your industry, the faster you’ll let people know you’re looking for a new role.
Ramp up your LinkedIn or social media activity
LinkedIn is an incredibly powerful tool for job seekers these days, and it’s the perfect platform to engage in a positive search for your new job. Let your online friends and networks know you’re looking for new opportunities and reach out to potential employers.
Don’t get despondent or take it personally. Redundancies are part of today’s working world and the concept of a job for life is unfortunately no longer a reality.
Use the situation as a new beginning and always remember the old saying: “When one door closes, another opens”.
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