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» Articles - Ryan Love's Top 10 Redundancy Tips
Ryan Love's Top 10 Redundancy Tips
1. Act now and seek advice
If you know you are going to be made redundant, seek financial advice immediately to ensure you don't miss out on any financial planning opportunities. Talk to a financial planner before you receive your termination payment - this will allow you to minimise tax, maximise your entitlement to other benefits and ensure you avoid making any costly mistakes. You should also start seeking new employment and organise your referees straight away.
2. Be prepared
Update your resume, improve your cover letter writing and develop your interview skills. Many job websites have sample cover letters and resumes you can view to get your job documents looking and sounding professional. These websites are a good resource for job hunting and practical interview tips.
3. Don't take it personally
Being made redundant can have quite an emotional impact for some. Remember not to take it personally. Typically, redundancies are a sign of the times. If you can realise that it is your position that is no longer required and that it had nothing to do with you or your work, it may help you to move forward and leave those negative feelings behind.
4. Know what you're entitled to
It's important to understand what you are entitled to when you are made redundant. Check your HR representative and financial adviser about what termination payments you should be receiving. Find out what outplacements services you can access - these services are generally free and run by specialists who can provide emotional and professional support to redundant employees and can help prepare you for the job market.
5. Get your finances in order
When you have been made redundant, there are many important factors to take into account including tax implications of your termination payments, social security benefits and insurance arrangements. Your financial adviser can assist you with these issues, help manage your debt and maintain cash flow until you are re-employed. Your adviser will also be able to recommend effective strategies to put you in the best financial position.
6. Review your skills and take the time to upskill
Evaluate your skills set and see if some of these are transferable into other roles. Do some short courses to upskill yourself in the variety of software programs that many industries use to help sell yourself better in the job market.
7. Target the right employers for you
Think about what you really want to do next. Try not to rush into any job as it could be the wron job for you. Look at all possibilities carefully ans whether there is scope for growth and development. Think about which industry sector and what employers you want to work for and research their company profiles.
8. Network and utilise resources
Start networking as job leads can come from anywhere. Talk to people in your chosen industry, family, friends and former colleagues to build up your contacts. See career counsellors for guidance and visit recruitment agencies to see what jobs are on offer. Explore the hidden job market by cold calling or emailing letters of interest to specific companies.
9. Be flexible
In this market, some employers are not hiring as many full-time staff, so finding work may take time. However, this means there is more part-time work and casual work available. Be flexible and keep in mind that there may be some great temporary roles you could take on until a full-time role you want comes up.
10. Begin a new job with enthusiasm
Remember that the first three to six months in a new role are the most challenging, but it is also a good opportunity for you to showcase your skills and experience to your new employer, so put in your best effort. It's a good ide to also have a career plan in mind so you can aim towards any opportunities for career progression within the company.
For more information, or to discuss the specifics of your financial situation, please contact me directly.
Ryan Love
Director
APEX Partners
Now that you have read this, what do you think? Do you have other ideas? Please share you views with other members (eg by blog or on the discussion forum) and/or request professional member(s) to contact you directly.
