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Wednesday 15 August 2018

The money doctor: 13/06/2011

How to bounce back from redundancy

1Think positive Try to see this as an opportunity to move your career forward. Although it can be traumatic at the time, many people find that, in the long run, redundancy is the catalyst they need to take their career in the direction they actually want to go.

2 Seek advice If you know you are going to be made redundant, seek financial advice immediately to ensure you don't miss out on any financial planning opportunities. Talk to a financial adviser before you receive your termination payment -- this will allow you to minimise tax, maximise your entitlement to other benefits and ensure you avoid making any costly mistakes.

3 Network Start networking -- even your last employer is a lead. Don't burn your bridges with your former colleagues and don't take it personally. Talk to people in your chosen industry, family, friends and former colleagues to build up your contacts. See career counsellors for guidance and visit recruitment agencies. Cold call and email specific companies. Look at stored away business cards.

4 Review your skills Evaluate your skills and see if some are transferable into other roles. Do some short courses to upskill. FAS have a brilliant EDCL course if you are not up to speed on computers.

5 Be prepared Update your CV, improve your cover letter writing and develop your interview skills. Many job websites have sample cover letters and CV templates. These websites are a good resource for job hunting and practical interview tips.

6 Know your rights Check with your HR representative and financial adviser about what termination payments you should be receiving and what to do with them. Find out what outplacements services you can access -- these are generally free and run by specialists who can provide emotional and professional support to redundant employees.

7 Target the right employers Think about what you want to do next. Try not to rush into any job. Think about which sector and what employers you want to work for and research their company profiles.

8 Get your finances in order When you have been made redundant, there are many important factors to take into account, including tax implications of your termination payments, social security benefits and insurance arrangements. Your financial adviser can assist you and will recommend effective strategies to put you in the best financial position.

9 Fresh start The first three to six months in a new role are the most challenging, but it is also a good time to also have a career plan in mind so you can aim towards any opportunities for career progression within the company.

10 Get cracking Don't put off until tomorrow what you can do today.

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