Life after redundancy
For obvious reasons, redundancy can be a tough blow to take. But, difficult as it may seem, real positives can be taken from the situation; now you have the chance to re-evaluate your career goals and face up to new challenges.
Start as you mean to go on
Once you have left your job, you may be tempted to sit back and relax for the first few days, but it is important to set a precedent for the rest of the time you’ll be spending ‘between jobs’. No matter how much you think you deserve a break, you should begin looking for your next job straight away – after all, you don’t know what opportunities are available unless you start looking now.
In fact, you should really begin looking for a job as soon you’ve been informed of your redundancy. Justin Edge was made redundant in 2002 and it took a full three years for him to find a job that ticked all his boxes.
“My one regret,” Justin says, “is that I didn’t start looking for a new job on the day my redundancy package was agreed. I received six months’ salary, tax-free, and my first thought was to pay a year’s rent up front then take a month off. Before I knew it, this month had turned into three months and I was starting to seriously eat into the rest of my pay-off money.”
This was made all the worst by the fact that Justin had been offered the opportunity to take as much time off for interviews as he needed. While this isn’t always the case, many employers will support those facing redundancy in the same way.
“I was adamant that I deserved some time off,” Justin continues, “but in retrospect, this was the last thing I should have done. After three months, I ended up temping for considerably less money than I was earning before my redundancy, and taking time off for interviews and to sign up with agencies resulted in me losing out on even more income.”
So, while it’s nice to have your pay-off money sitting in your bank account, your goal should be to try and keep it in there as long as possible. If you are lucky enough to have been given a large lump sum, you are probably best off planning how to spend it in celebration of landing your next role.
Don’t lose confidence
It's natural to worry that employers may be sceptical about hiring someone who has been made redundant. But the reality is, becoming redundant is not an uncommon phenomenon and there is very little stigma attached to redundancy these days. Most employers agree that it is much better to have one redundancy on your CV than three short-term jobs, all of which you left by your own accord.
As Justin found out: “Prospective employers didn’t seem too concerned about the fact I had been made redundant. Luckily, I had been at my company for six years so I could show a certain level of commitment.”
And this is a good point. There are many reasons for redundancy and, ultimately, being made redundant wasn’t your choice. If you do get questioned on the subject – and it is more than likely that you will - it is best to explain the matter as simply as possible, before focusing on the positives from you career pre-redundancy. Bear in mind that being immediately available for a new position is a plus-point in itself.
Voluntary redundancy
Voluntary redundancy can be viewed as a financially rewarding opportunity, but if you are considering it, take care. It may be offered if an organisation is looking to reduce its number of staff; instead of enforced redundancies, employees are offered the chance to resign in exchange for a healthy redundancy settlement.
This is a more expensive way for a business to reduce its numbers, and long serving employees can often take advantage of this. However, if you apply for voluntary redundancy, it is by no means guaranteed, as it is given at the employer's discretion, and if your offer is turned down it might seriously affect the way your employers view you.
