How to bounce back from a redundancy

man and woman in a meeting

Redundancy: with all its associations of uncertainty and anxiety, it’s a word that all employees dread. But redundancy doesn’t have to be all doom and gloom. As our experts explain, it can be the stepping stone to a great new opportunity…  

Redundancy can be one of the most traumatic events you face in your working life. The professional and personal uncertainty can leave you feeling stressed, anxious and insecure.

But it doesn’t have to be that way. For many, redundancy is a chance to wipe the slate clean and start afresh, providing new, exciting opportunities you might have never previously considered.

To help you bounce back from a redundancy, we’ve asked two of our experts for their advice on what to do should you ever be let go from an existing role.

1. Don’t take it personally

“Redundancies are a business decision, so it’s essential that you don’t take it personally,” advises Lindsay Cramond, senior manager at Robert Walters’ Sydney office. In these increasingly turbulent economic times, company restructuring can be an effective way to cut costs and this can inevitably lead to redundancies, especially at more senior levels.

“Don’t take their decision to let you go as a reflection of your ability or what you’ve brought to the role,” Lindsay says. “It’s simply a business decision and understanding this will help you move on more effectively.”

2. Get organised

“As soon as you become aware that redundancy is imminent, start organising yourself as quickly as possible,” suggests Alex Martin, manager at Robert Walters’ Singapore office. You should contact your line manager and request written references that you can share with potential future employers, he says.

You also need to make sure you sort out your payslips and other employment documentation. “That paperwork can be a lot more difficult to acquire once you’ve left a company, so try and get as much sorted as possible before you leave.” 

3. Give yourself some time

“One of the most important things to remember if you’re made redundant is not to panic – as this could see you make the wrong decision for you and your career,” Lindsay advises.

In many cases, the settlement payout gives people time to stop and think about what they want to do next. “The knee-jerk reaction will be to think you need to find something new tomorrow, but often the time and money that redundancy can give offers an opportunity for you to think about what’s the best next step for you and your career,” she says.

4. Look for the positives

“When considering your options, redundancy provides a completely clean slate – so it’s vital you see the process as an opportunity,” says Alex.

If you have previously been considering a career change or returning to full-time education, the time and money afforded by a redundancy provides numerous prospects. “Despite the stress and anxiety that being made redundant ultimately brings, it’s essential you take the positives and look at ways to make your new circumstances work for you,” he says.

5. Stay connected

“One of the fears many people share regarding redundancy is that they’ll quickly become isolated from their colleagues, peers, and wider industry networks – but this doesn’t have to happen,” says Lindsay.

These days, there are plenty of possibilities to network and connect with those in your industry – including potential employers, she notes. “Some employers will put you in touch with professional networks when making you redundant, but do make sure to explore your personal, social media, and professional networks to keep yourself connected too.”

6. Update your CV

“Once you’ve decided on the right move for you, invest energy in bringing your CV and social media profiles up-to-date, highlighting all relevant skills and experience,” says Alex.

Many people who have been in the same senior role for some time are unlikely to have updated their CV, yet their most recent experience and expertise may be their most valuable. Don’t be evasive about your situation either: “In terms of your redundancy, it’s always better to be up-front and honest with hiring managers.”

7. Engage with a recruiter

“Being back on the job market can be a daunting prospect, especially when dealing with the uncertainty that redundancy brings, but connecting with a recruiter can make this process a lot more manageable,” suggests Alex.

Not only will a recruiter provide much-needed advice when it comes to your CV and interview technique, they’ll also give you invaluable market insight and introductions. “Recruiters can provide access to jobs that aren’t being advertised, such as commercially sensitive roles – access you wouldn’t otherwise be able to get.”

8. Be open-minded and positive in your approach

“When it comes to your job search, it’s important to remember that you might not be offered your dream role straight away – so be flexible with your expectations,” Lindsay says.

On the other hand, the search might well introduce you to roles you hadn’t previously considered, so prepare to be open-minded and assess every role on its merits.

“When it comes to the interviews themselves, approach them positively, focusing on what you can bring to the role and not dwelling on the redundancy and your former employers,” she says.

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