If you hear rumours or sign that the company is in trouble and your job is in jeopardy, it may be too late to save it. Some may ask, have you been doing enough to keep your job? However, your role is irrelevant if the business isn’t growing and heading towards insolvency.
Your focus needs to switch from surviving your current role to securing a new job with another employer. The title of this business blog post is – how to avoid being made redundant but let’s first look at what is likely to occur if it happens to you.
Remember, it’s not the end of the world – i.e. your world. Yes, work is a significant part of our lives as we spend a considerable chunk of time working. But we’re not working as much as we used to. We believe we’re working harder than our predecessors, but it’s not true in reality. For example, in the past 200 years, annual work hours in every country have dropped. In the USA, records show the average worker worked 3096 hours in 1817 and in 2017, the average yearly hours were 1761.
We have more going on in our lives today than our predecessors, so we can have more perspective on the importance of keeping the same job.
Plus there are positives for being made redundant including:
- A larger final wage with a lower portion of it going to tax
- An opportunity to take a break from working
- Do something different
- Do more training, upskilling for a higher-level role
- Work for a competitor on a higher salary
If you’ve been with the same company for a while, the first few weeks after you’ve left the company and not going into the office will challenging. You will miss your colleagues and the routine. Coping with unexpected change needs, management as you’ll likely experience the stages of grief – for the loss of your job.
Stages of Grief
There are five stages of grief and you’ll likely experience most if not all of them including:
- Shock and disbelief
- Pain and anger
Make sure you have a support network. Interact with friends and social networks – to get their support and input on what you can do and where you could apply for another role.
Accept counselling that may be on offer as part of your redundancy package. Plus, take on a business coach or mentor to help you transition to another employer and role. Once you’ve accepted your situation, a coach can have a pivotal role in building your confidence and improving your, mindset ready for new challenges, including job interviews.
Use recruiters to assess your resume (CV) and provide feedback, so it is up to date and represents you, your hard and soft skills, as well as achievements both in your career and socially. For example, if you’ve been a sports team captain or do charity work, this information helps hire decisions.
What If You Can Avoid Redundancy?
If your employer is in trouble with a business losing the fight to remain relevant, there really is very little you can do about it. However, if there is a way out of the trading slump, one way to assist your employer is to offer to work fewer hours or for less money. Even this drastic action may not be enough for the company to get through a rough trading patch, though.
Train and upskill to a new role
Your current role may be the problem, not you. Over the years, many roles have become redundant due to technology, new systems, products, and services. Stay alert and aware of what’s coming and how it may impact your role. Change careers if need be to get ahead of significant change and upheaval that comes with losing a job.
Invest in your future, too, so you can meet your financial commitments if you are made redundant. Having a contingency fund can make all the difference to how you deal with change, including moving through the stages of grief much faster.
Change is a given, and losing your job suddenly is challenging. Still, with the right mindset, a support network and a rainy day, aka contingency fund, the process is more bearable, and you’re likely to come out of it happier. Are you keen to read more? See this article on how to get a promotion.