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In today’s challenging economic environment, you may be facing the possibility of being made redundant, or you may have already been made redundant.
RNZ is publishing a running total of public sector roles cut to date based on statements from MPs and the Public Service Association. It stands at 3436 and includes some vacant roles not being filled.
The uncertainty and stress that comes with such a situation can be overwhelming but being prepared and having the right mindset and strategies can make a difference. Here are some ideas to help you navigate job redundancy and emerge stronger.
Assess your finances: Be clear on your financial position. Do you have a rainy-day fund that can cover your expenses while you find another role? It is critical to assess your finances, regardless of whether you are in line for redundancy. Cut back on any unnecessary expenditure to reduce your costs while looking for another job or to build up savings in case you are made redundant.
See what support you may be eligible for: You will have received some form of financial redundancy, but might not be much if you haven’t been in your role that long. You may be entitled to government support like the accommodation supplement or the unemployment benefit.
Access your skills and market demand: Conduct a thorough assessment of your skills, interests and qualifications. Identify your strengths, areas for improvement and transferable skills that are in demand in the job market. Research industries and sectors experiencing growth in New Zealand and determine how your skills align with emerging opportunities. Consider seeking guidance from career coaches or taking career assessment tests to gain clarity on your options. Your employer may provide this as part of a redundancy package.
Invest in continued learning and development: In today’s rapidly evolving job market, lifelong learning is essential for staying relevant and adaptable. Consider upskilling or reskilling through online courses, workshops or vocational training programmes. Platforms like Coursera, LinkedIn Learning and local educational institutions offer a wealth of resources to enhance your skills and broaden your knowledge base. By investing in continuous learning, you can increase your employability and position yourself as a valuable asset to potential employers.
Network, network, network: Contact former colleagues, mentors and people within your industry for support and advice. Attend networking events, in person and online, to expand your professional connections. Often, job opportunities arise through referrals and word of mouth, so stay engaged with your network.
Update you resumé and online presence: Your resumé and online presence are your digital footprints in the job market so it’s crucial to keep them updated and polished. Tailor your resumé to highlight your key achievements, skills and experiences relevant to your target roles. Ensure that your LinkedIn profile is complete and professional and includes a professional photo, compelling summary, and endorsements from colleagues and supervisors. Consider creating a personal website or portfolio to showcase your work and accomplishments, demonstrating your expertise and value to potential employers.
Prepare for interviews and negotiations: As you begin applying for new roles, brush up on your interview skills and prepare sound answers to common interview questions. Research potential employers thoroughly and tailor your applications to highlight how your skills and experiences align with their needs. Be prepared to negotiate your salary and benefits package, keeping in mind your worth and the current market conditions.
Seek emotional support and wellbeing: Coping with job redundancy can take a toll on your emotional wellbeing, so it’s important to prioritise self-care and seek support from friends, family or professional counsellors. Maintain a healthy work-life balance by engaging in activities that bring you joy and fulfilment, such as exercise, hobbies or spending time with loved ones. Practice mindfulness techniques, such as meditation or deep-breathing exercises, to reduce stress and anxiety. Try to remember that redundancy is not a reflection of your worth or abilities but an opportunity for growth and renewal.
While redundancy can be challenging, maintaining a positive outlook and resilience is key to overcoming obstacles and seizing new opportunities. Focus on the things you can control, such as your attitude, actions and mindset, rather than dwelling on circumstances beyond your control. Stay flexible and open-minded, embracing change as an opportunity for personal and professional growth. Celebrate your achievements and milestones along the way, no matter how small, and remain optimistic about the possibilities that lie ahead.
Facing redundancy can be daunting but it is not the end of your career journey. It can be a stepping stone to new possibilities and opportunities for growth.
Lisa Dudson is an investor, entrepreneur, and author of 8 bestselling personal finance and property investment books. She has been a media commentator on financial issues for more than 20 years known for pragmatic, meaningful and easy-to-understand financial advice. She is a director and shareholder of Saturn Advice and National Capital and provides financial and property advice through her consulting business www.acumen.co.nz
