Dealing with Redundancy – 5 Things to Do If You’ve Been Made Redundant

Dealing with Redundancy – 5 Things to Do If You’ve Been Made Redundant

In today’s tough economic climate, more and more people are finding themselves made redundant. It’s rarely a pleasant feeling to find yourself without a job. Still, as one door closes, a new one will undoubtedly open. In the meantime, here are some of the many things you can do when facing the prospect of redundancy. 

Seek Financial Help

Finding a job in the current COVID-hit economy can be a lengthy process that drains your cash reserves. If you’re shifting nervously in your seat, watching the balance of your accounts dwindle during the job-search process, then you may need to access interim finance. No interest loans through non-profits, community lenders or government agencies can ease the burden of financial uncertainty. Use the funds to pay off pressing bills, then devise a payment plan that suits your new financial situation. 

Freshen Up Your CV   

If it has been several months or years since you have been in the job market, then now’s the perfect time to update your CV. You can do this yourself with most basic computer programs, or with the help of an employment agency. 

Create a base CV that incorporates every skill and qualification you have. You can then tailor your CV to each job you apply for, making sure the attributes you have are relevant to the new position. Don’t forget to accompany your crisp new resume with a cover letter that you can personalize for each potential job. 

Gain New Skills

Joblessness doesn’t have to be a wholly negative situation. It can be an opportunity to learn a new craft and enter an entirely different industry. For example, you may have realized long ago that hospitality wasn’t your forte but that you were excellent with numbers. 

Bookkeeping or even accountancy may be something you can train for and consider as a future career. There are over 4,200 post-secondary educational institutes in the United States alone, so you’re never short of educational options. 

Take Stock of Your Finances

Losing your income can mean you need to take stock of your finances. The earlier you do this, the more in control you can feel about your financial future. Work out your everyday outgoings that have no wiggle room in terms of payment frequency. These may be things like car payments, utility bills, groceries, and property mortgages or leases. 

Once you know the minimum you need to earn, you can begin thinking of ways to cover it. The median wage for workers in the United States is nearly $49,800, but that doesn’t mean you have to earn that much to survive. Look at assets you can sell to tide you over and consider taking online employment opportunities to help you get by. 

Talk to the Experts

If it has been some time since you were last unemployed, then it might be in your best interest to contact a recruitment expert or agency. They can provide you with information and advice, and can even identify sectors with job vacancies. Many recruitment agencies work with businesses to provide as many employment opportunities as possible, so you’ll be in good hands.   

Around 20,000 people are made redundant every year in America, with those figures climbing in the wake of the COVID-19 pandemic. Though redundancy can cause financial uncertainty, it can also result in new doors opening for you. Take stock of your finances, ask for a cash loan if you need it, and consider whether now could be the best time to learn a few new skills. You never know, being made redundant could be something you look back on with gratitude once you’ve gotten over the initial shock and found some amazing new opportunities.