A Practical Guide to Recovering After Being Made Redundant
Being made redundant from your workplace is a devastating blow. How will I pay the mortgage? Put food on the table? How will my friends and family react? How do I fill my time? What do I do now?
These questions, and many more besides induce a state of panic. The present is frightening. The future uncertain. The world keeps turning while you stop earning.
Let the recovery begin today. Take one step at a time and this temporary derailment will be back on track in no time.
Forewarned is Forearmed
Being made redundant is never easy. However, the period of notice you had will affect how you react. You may have been aware of a company merger for some time. Your boss has been discussing cutting back for months. Having a degree of awareness your job was potentially in the firing line can give you time to prepare for the fallout. However, if the announcement was a complete surprise, expect to be rocked by the shock of a sudden job loss.
Deal with the Emotional Fallout of Being Made Redundant
A job provides more than just financial security. It gives you responsibility. A purpose. A function. An identity and a place in modern society. Without a job, complex feelings come to the fore. Fear. Anger. Sadness. Resentment. A loss of confidence and self-belief. Feeling it’s your fault; that you’ve done something wrong. All these emotions are perfectly natural, valid and understandable.
It’s important to talk about how you feel. Keeping strong emotions bottled up will lead to stress and undue anxiety. Seek out a confidante. Your partner, family member or friend. An impartial therapist. Choose someone to talk to.
Deal with the Financial Fallout
The need to act swiftly is usually governed by how much financial breathing space you have. Prior notice of a job loss may have allowed you to set money aside. Or you may have received a decent redundancy package.
Look at your savings accounts and investments. Calculate how long you can stay financially afloat before you need to earn again. Instant income may be essential immediately. Do you have any possessions or valuables you can sell? De-clutter your home and hold a yard sale. Sell bits and pieces online. Cut down on excessive spending. Forego everything but the essentials. Shop around to find deals on the market. Shop smart by seeking out special offers.
A Revised Career Path
Right now, it may seem as though your redundancy has sounded the death knell in your career coffin. However, don’t despair. Ask yourself key questions about your career plans. Is it still the job you want to do? Is the industry or sector growing or shrinking? Assess the skills you already possess. Do you have the time or money to retrain? What other careers could you do with the skills you already possess? Update your resume and use it to step back up on the career ladder with confidence.
