Life After Redundancy  -  Nine Steps and three key tips to navigating the path ahead with confidence

Losing your job can feel like the ground has been pulled out from under you. Redundancy brings a mix of emotions – shock, anger, uncertainty, and maybe even a sense of loss. But even though it's tough right now, remember this: redundancy doesn't define you, and it certainly doesn't define your future.

Here are some steps to help you navigate this challenging time and emerge stronger on the other side:

1. Breathe and Acknowledge Your Emotions:

It's okay to feel a range of emotions after being made redundant. Allow yourself time to process what's happened. Talk to someone you trust, journal your feelings, or seek professional support if needed. Don't bottle things up – give yourself space to grieve, adapt, and then look ahead.

2. Understand Your Redundancy Pay:

Before anything else, get clarity on your entitlements. Familiarise yourself with the terms of your redundancy, including your redundancy pay, notice period, and any outstanding leave. The Fair Work Ombudsman website (www.fairwork.gov.au) provides detailed information on redundancy pay and entitlements. Knowing your financial foundation will help you plan your next steps.

3. Review Your Finances:

Take stock of your financial situation. Create a budget, identify any immediate expenses, and explore options for managing your finances during this transition period. Don't hesitate to seek financial advice if needed. Government websites and community resources can offer guidance on budgeting and accessing support.

TIP 1 - A redundancy can come with a nice little financial kicker.   Don’t blow it!

If you have a mortgage it may make a lot of sense to put it in the offset account.  Make sure it is a proper offset account that allows you to redraw the funds and does not just get taken off your loan.   This allows you to reduce interest while the funds are in there and also creates flexibility while you work out what is next.  You can withdraw them later to cover living expenses or something else but at least they are at work for you for a while.

4. Consider Your Options:

This is a chance to reflect on your career goals and aspirations. Are you looking for a similar role, or is it time for a career change? Perhaps this is the opportunity to explore self-employment or start that business you've always dreamed of. Give yourself permission to dream big and explore new paths.

5. Explore Outplacement Services:

Many employers offer outplacement services to help you navigate your next career move. These services can be invaluable, offering support with resume writing, job searching, career counselling, and even guidance for starting your own business. Take advantage of this opportunity if it's available to you.

TIP 2 - Work out what kind of break makes sense for you and when to take it.

Having reviewed your finances and considered your options you will have a bit more of an idea about how quickly you need to be earning a consistent income again.

Everyone is wired differently.   Some will not be able to take any time off and relax until they know they have the next role nailed.  Some will take a big break and then walk straight into their next job.   Others will take a break and spend the whole time stressing about the next role.  Others will take a big break and then wonder why getting the next gig is taking so long.  And so on.  There are so many different scenarios.    

Take some time to assess both your personality, priorities and financial situation.   

A redundancy can represent a special time to have a unique break.  Don't miss that opportunity but at the same time make sure you take it when you can truly relax and enjoy it (if it is an option for you). 

6. Reach Out to Your Network:

Let your network know you're looking for new opportunities. Connect with friends, former colleagues, and industry contacts. Networking can open doors to unexpected possibilities and provide emotional support during your transition.

7. Reassess Your Skills:

Take stock of your existing skills and identify areas for improvement. What are you good at? What do you enjoy doing? Recognising your strengths and passions will guide you towards fulfilling opportunities.

8. Upskill and Reskill:

Use this time to invest in your professional development. Consider taking courses, attending workshops, or gaining certifications to enhance your skills and marketability. Learning new skills can boost your confidence and open up new possibilities.

9. Stay Positive and Persistent:

The job search can be challenging, but don't give up. Stay positive, focus on your strengths, and celebrate every small victory along the way. Remember, this is a temporary setback, and with resilience and determination, you will find your next opportunity.

TIP 3  - Build a routine.

Most of us when made redundant suddenly have our whole routine thrown.   This can be quite disconcerting.  Reestablishing your own patterns can be really helpful for your mental and physical health.   Depending on what pathway you are walking down you might spend the morning focussed on exploring future options and then the afternoon on some element of self development or hobby or recreation.   Depending on your stage in life the kids and jobs around the house will also come into play.   For most of us, building out a little routine for yourself that keeps you active and productive can be really helpful.

Redundancy can be a difficult experience, but it can also be a catalyst for positive change. By taking proactive steps and seeking support, you can navigate this transition successfully and create a fulfilling future.