Redundancy Can Open the Door to Opportunity
Author:
Karin Lanigan
Being made redundant can turn your world upside down. It is one of life’s challenges that most of us will experience at some point during our working careers. Losing what forms a major part of your life can be dramatic. It represents a time of major change but also of new beginnings and opportunities, advises Karin Lanigan.
In the current economic climateredundancies are becoming more common and no sector is immune. Redundancy can be a result of diminishing profits and revenues, takeovers and mergers, increased competition and globalisation, inability to keep pace with changing innovations as well as poor management.
The strategy you should adopt during this challenging time is as follows:
- It is your role that is being made redundant and NOT you. Try not to take it personally.
- Look to the future and do not dwell on the past. Post mortems will get you nowhere.
Consider your Options
Take time to come to terms with and assimilate your new situation. Make sure you are aware of your entitlements under any redundancy agreement. This may have a major influence on your options and plans going forward. In many instances the company may also offer an executive outplacement service as part of your severance package. This can prove beneficial and provide you with additional support when you are reentering the job market. If this is not offered you may wish to investigate if your employer will consider paying towards such a service. You can then source a professional directly.
Looking to the Future
Once you are over the initial shock of being told that you are to be made redundant, look to the future and see the potential for new opportunities and personal growth. The time that you now have available can be put to good use. Start by performing an analysis and assessment of your current skills and experience. Where are your strengths and what areas need updating or retraining? Look to the market to see what skills and experience are in demand. You can then plan any retraining or education based on this. Attend relevant CPD courses to update your skills and knowledge base. Consider what it is you liked about your job and what you did not enjoy. What is it that motivates you? Going forward you can incorporate these considerations into your new career choices.
New Beginnings
In your old role you may have been stuck in a rut. Your new situation may give you the stimulus you need to make a change. Very often when you are busy you don’t take time to plan
or to look at new options. It is easy to become immersed in the mundane day to day aspects of your role and forget to look at the ‘bigger picture’ and think strategically about yourself. Use this opportunity to re-evaluate the various facets of your life such as your career, life-long learning and development, your aspirations and your finances and earning
requirements and potential. Incorporate your thoughts and desires into an overall career plan – mapping out your aspirations and how you plan to get there. This will give you a focus and overall aim. You can amend and adjust the plan as required. You should have a number of options that you are considering and do not rely too heavily on any one. Have a Plan A, Plan B and even a Plan C. Plan for a number of eventualities.
Complete Change
You may decide to make a complete change and consider the option of working part time or from home. Indeed you may want to investigate setting up your own business or consultancy. Spend time researching the various ideas and options open to you. Do not rush into any major decisions. Seek advice from others who may have gone down these routes already or from relevant professionals or contacts. Take advantage of any support and guidance that is on offer.
Interim Solutions
Maximise your chances of securing a role by considering contract roles as an interim option. This can very often open up new opportunities for you. Roles that have started as contract can in many cases become permanent.
The experience you gain can also serve to enhance your CV and ultimately make you more marketable. Taking a contract role also demonstrates to prospective employers that you are keen to work and are able to adapt quickly to new work scenarios and environments. It will also help you to avoid any potential long gaps on your CV.
Your CV
When it comes to marketing yourself, the main tool is your CV. Ensure that it is a fair and accurate reflection of your experience and skills and that it does you justice. It is the first introduction that a prospective employer will have to you. It should be written with the aim of securing an interview or meeting. Don’t just submit the same CV for every position. Tailor each CV to the role that you are applying for. Seek advice and support from professionals when drafting your CV. The ICAI Careers Advisory & Placement Service can
provide assistance in this crucial area. Use all available routes to market when you are seeking a new opportunity. In general they are:
- Recruiters
- Advertised opportunities
- Personal contacts
- Networking
- Unsolicited applications
The Internet is an invaluable source of information including market and company information. Use it! Your contacts and networks can help you to learn about opportunities and the market. Many jobs are not advertised so you will have to network to hear about these roles. This is especially true of more senior level roles. Don’t let your pride get in the way. Let as many people as possible know that you are available and seeking a new challenge.
The more people that are aware of your status the better, as this will increase your chances of sourcing a new role. Monitor and track your applications. Follow up on applications you have made and ensure you receive a response. A proactive approach is required. Don’t apply for roles that you are not suited to as this may damage your credibility with the employer. Focus on the roles that you are suited to so as to increase your chances of success.
Interviews
When interviews start to result from your applications be prepared to make the most of these opportunities. Preparation is key in advance of an interview.
Some tips include:
- Research the company and the sector
- Know your CV
- Know the job specification
- Be able to articulate synergies between your experience and that required for the role
- Ask relevant and pertinent questions
- Express an interest in the company and the role
- Don’t be negative about your redundancy – present a positive outlook
If you have not been in an interview scenario for some time it is advisable to avail of a role play service where possible. This will assist you in identifying areas where you can improve on your interview technique and help you to secure that allimportant job.
Salary Considerations and Negotiations
When considering your salary expectations be sure to research the market. Your expectations should reflect your true market value. When considering an offer do not judge it purely on the base salary. You should consider the company, the role and the opportunities attached to it in terms of career development.
Consider also the overall financial value of the package when you attach a figure to pension, health insurance, etc. Do not view the base salary in isolation.
Also, if you are offered a role at a lower salary than you were on prior to redundancy it may be worth serious consideration if it offers genuine career potential or incentives in the shape of performance-related bonuses.
Your New Start
Before starting a new role, take some quality time to unwind and relax from the stress of redundancy and job seeking. It is always a good idea to allow yourself time to close the chapter of one part of your life, to recharge the batteries before you start on the new part of your career. The Power of Positive
Thinking
A positive approach throughout the process will help you to succeed. Dealing with redundancy will provide you with challenges. It will test your resilience and will prove character building. With a positive attitude and a determination to succeed it can be the beginning of a new chapter of your career, bringing many new experiences and rewards. You will have earned the right to feel proud of your achievements and progress. Your experience will add to your overall confidence and self esteem level making you better equipped to deal with life’s obstacles going forward. You never know where it might lead you!
ICAI can advise you on CV and interview preparation (including role play), and also provides market intelligence and salary information.
Karin Lanigan is Careers Advisory & Placement Executive at The Institute of Chartered Accountants in Ireland.