Redundancy - What do I do next? (part 2)

In our last article, we suggested some key immediate actions to take if you are experiencing redundancy. Today, our suggestions focus on actions you can take to move forward with your life and career.

1. Don’t delay your job search

After you have been made redundant it is understandable to feel like you deserve a break, and to want to take some time out of the workforce. However you need to think carefully before doing this because it might take you longer to find a new job than you expected.

Don’t delay the job hunting process. Start revising your CV as soon as possible and get in touch with any contacts that might be able to find you a new position. Take stock of where you are at, where your industry is at and where you might go next.

The Australian Career Development Association national president Andrew Rimington says now is the perfect time to do a career health check. “Many adults have never had formal career counselling, guidance or professional involvement – they’ve self-managed their career – redundancy is a timely opportunity for people to revisit that,” he says.

Look at the job you are leaving, what your experience is, make sure your skills are up to date and review your resume – make a list of your attributes, training and education.

Turn your resume into a personal marketing document that will promote your skills to a potential new employer. 

2. Make a financial plan

The next step is to sit down, work out what you are spending and make a plan – with a financial planner if possible.

When looking at your budget, you need to address needs and cut wants. This can provide a fairly accurate indicator of at what point there may be a cash flow issue. Plans can then be made to be realistic about what you can afford to spend.

While it may seem like a cruel joke to pay for things like income insurance when you are out of income, it’s also not the time to cancel everything.

Think twice before cancelling things like income protection when you might need to reapply once you are back in the workforce. The last thing you want to do is cancel something you may not be able to get again that may become more important as you get older.

Depending on your age it might also be possible to look into withdrawing money from your superannuation to start paying debts.

3. Upskill

Having a break might also be a great opportunity to move up.

“Up-skilling is about looking at where job trends and opportunities in the labour market are, as there are areas of skills shortage and it is a matter of looking at opportunities,” says Mr Rimington.

This can be through keeping your eyes open and looking at what’s on offer on job seeker websites, newspaper advertisements and through networks. Some states offer support for training in certain areas, so get in touch with the local job seeker offices or state government bodies to get an idea of what you could be entitled to.

The Financial Planners’ Association’s Mr Strybosh agrees. He says even while in employment people should look to continue to train and update their skills.

4. Self help

Line dancing might seem like an odd portal to your next job, but keeping active and healthy is a key. When Australian Career Development Association’s Mr Rimington was made redundant he used it as an opportunity to get fit.

“There can be a lot of emotion and anger in their sudden transition where people have it thrust upon them,” he says. “People who haven’t been in that position might need to consider what sort of emotional support they need – do they need to see a counsellor, or more in-depth support through a GP or referral to a counsellor or psychologist. One of the first things I did was have a medical check. I was overweight and in bad shape so I joined a gym, lost weight, and exercised.”

While a gym might seem like an extra cost – there are plenty of local government supported activities like line dancing, Pilates, yoga or meditation that won’t break the bank and will have the added benefit of expanding your networks.

5. Volunteer

Volunteering or joining more community groups to show you are active and to expand your network is also a good idea.

“When you are out of work it becomes more complicated the longer you are out of a job and the harder it is to sell yourself to a prospective employer so I suggest people get involved in community or volunteer based activity so they can demonstrate they are not sitting around. All those things also help built transferable skills,” Mr Rimington says.

6. Who you know

Being made redundant is not the time to sit in silence – especially in this current market it is not like you are alone in searching for a job. As well as recruiters and job applications, social media such as LinkedIn, Twitter and Facebook provide important tools to connect to professionals that could be your next employer.

“People underestimate the network they’ve built up,” Mr Rimington says. “Networks are a great opportunity for information and advice to see what’s happening or find potential jobs.”

This means getting in touch with the “hidden job market” where Mr Rimington says the bulk of people find jobs. “This is where sporting clubs, community organisations, and friends are important – you may know someone who knows someone who needs someone.”

It is also important to maintain contact with professional networks, and keep yourself a visible part of your industry.

Your Advisers at Lakeside are available to discuss your redundancy options with you to ensure you make appropriate financial decisions at this stressful time. Why not schedule a meeting with Gerry or Clae now?

by Matrix Planning Solutions

Disclaimer

Information current as at 6 August 2015 - This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product.