Redundancy is the term used when an employee is made redundant from their job either because the role is no longer needed, or the business is suffering from financial pressures. This often results in the employee losing their job and can come as a huge shock, particularly if it’s been unanticipated. It can be an intensely difficult and emotional experience, especially as it can also mean a loss of income.
When a person is made redundant, they may experience a range of emotions, ranging from anger, anxiety, shock, sadness, and even a sense of relief that their employment has been terminated. It can be a stabilising and reassessing moment, especially if the person wasn’t happy in their role and may be a time for reflection and a chance for a brighter future ahead.
Tips for Coping with Redundancy
Coping with redundancy requires addressing the emotional and practical aspects of the situation. Here are five tips to help you do this:
Acknowledge Your Emotions
The first step in coming to terms with the news of being made redundant is actively acknowledging your emotions and allowing yourself to feel what you are feeling. It is common to feel overwhelmed and frustrated, and even to experience a sense of guilt and failure if you feel you’ve been the cause of your own redundancy. It is important to remember that it is ok to feel all these emotions and to process them in whatever way works for you.
Take Time to Reflect
Redundancy can be a trigger to reflect on and assess the current situation. It is a great opportunity to look back and evaluate your time with the company, the experiences you have had, and how you can move forward. This can be both empowering and liberating. It is a chance to realise that you have control and can choose what to do next.
Make a Plan Including Outlining a Budget
Planning including outlining a budget is an essential step to take when facing redundancy. This means evaluating your financial situation and working out a plan for how to manage financially in the months ahead. This could include a budgeting plan to keep household costs in check whilst looking for alternative employment. Make sure to check what financial entitlements you may be entitled to, such as redundancy payments or unemployment benefits.
Connecting with People
Another key part of the plan is to update your CV and LinkedIn profile and to begin to actively look for and apply for job opportunities. This will put you in a better position to secure work in the industry you are interested in. Networking with other industry professionals can also help build your contacts, including connecting with recruitment agencies and learning key industry insights. Write a list of people in your network, start with family, friends, colleagues, ex-colleagues, old school or college contacts, neighbours, club members, etc. Remember people wore than likely willing to help. You just need to ask as these people also know people who may be able to help you or give you advice.
It might also be worth considering alternative options, such as retraining or starting a new business venture.
Maintaining a Positive Outlook
One of the most important things to remember is to stay positive. It can be hard to remain motivated and upbeat during the process, but it is essential in order to build upon the experiences learned from the journey.
Recognise the skills you have developed throughout your time in the job and focus on the positives of a new future ahead. You may even discover a new purpose or passion! Through exploring your options, you could find something that you are even more passionate about than before.
It is also helpful to stay connected to your professional networks, not only to keep your contacts up-to-date but to demonstrate your engagement and commitment to seeking out new experiences and opportunities.
Redundancy can be a difficult and emotional life experience that no one ever wants to face. However, with the right planning and support, you can use this time to reassess and reflect, explore your options, and ultimately find a new purpose. Remember to take the time to acknowledge and process your emotions.
Think positively about the future and the opportunities that lie ahead and be kind to yourself. Now is the time to start exploring, planning, and preparing for the next chapter of your career.