Having to start afresh years into your career may not seem appealing, but it could start you on a far more rewarding path. Read our tips on moving forward after redundancy.
Consider your finances
If you are considering taking voluntary redundancy, or have just been made redundant, you should ensure you understand your financial position thoroughly. This will not only put your mind at ease but allow you to map out exactly how long you can go without a paycheck.
In turn, it could demonstrate a number of options for your life and career. If you have enough savings, you could take a substantial career break. Given the current volatility of the UK job market, many of those facing redundancy are choosing now to concentrate on other aspects of their life.
Furthermore, many choose to take voluntary redundancy because they have worked out that they can afford to take early retirement with the redundancy pay.
If you do not have an excess of savings or pension, considering your finances will allow you to know exactly how fast you have to find a job and whether or not you may have to make some changes to lower your outgoings.
To see where to find independent financial advice, go to our support and resources page which has a section dedicated to considering your finances before or after redundancy.
Many candidates assume they will be better off if they are not open and honest about their employment situation. Especially in the current employment climate, many of those who are made redundant will likely be unable to find quality employment right away.
This means there will probably be an employment gap in your experience – but you shouldn’t shy away from it. Employers will be expecting this and will look unfavourably at you for trying to cover it up. The same goes for the reasons behind your compulsory or voluntary redundancy.
Wealth of Skills and Experience
Consider your transferable skills after years in work. You might find that your role gave you experience that applies to a number of different jobs, ones that you might even enjoy more than your previous one.
Furthermore, don’t look at your time away from work as a negative. Have answers ready that explain how you approached your time out of work, such as it giving you time to find the right career or perspective on the value of work to your life.
Tens of thousands have been made redundant. This seems like there will now be thousands vying for the same jobs. In fact, there is currently a massive skills gap in the UK with thousands of companies desperate for experienced workers.
If you are willing to use this time to train or demonstrate to employers that you are open to further training, you could open up a wealth of opportunities. Furthermore, it will land you a job in an expanding sector, meaning stable employment for the long term.
Don’t take it personally
A note of advice: lots of experienced professionals are being made redundant. It is a sign of the times and is not a reflection on you, so persevere with what you are doing and you will be back on your feet in no time.