3 Essential Steps To Navigate The Traps Of Being Made Redundant
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Have you ever been through a corporate redundancy? It’s that scary moment when you’re told you no longer have a job and there’s very little you can do about it. Depending on your type of work or industry, this could be quite a common occurrence and for others, it may happen once in their lifetime. Regardless, if you have been through one, then you know that it can be a challenging time as you are faced with several decisions you need to make like:
– What do I do now?
– Shall I start looking for a new job?
– If I got paid a termination payment, how long will it last me?
– Do I use this as a chance to start up my own business?
– Can I re-skill and do something different?
When I was made redundant about 7 years ago, I went through this process with no proper advice and a lot to figure out very quickly…cause when you’re not earning an income, money goes out the door pretty quickly let me tell you!
At the time I was made redundant, another 450 odd people that week were also made redundant! Most of the people I knew were terrified of losing their jobs, some felt betrayed and others resentful towards the company for letting them down. Truthfully I was excited in part because it was the kick I needed to go full time in a business I had set up on the side. I was also no longer motivated nor inspired by what I was doing, yet I had become complacent and comfortable in my job and was not really moving forward. So while there was enormous risk in me losing my job, I was prepared to take on and manage this risk as best I could and make the most of my new found liberty.
Here are 3 things I had to do immediately post redundancy:
1) Revisit my finances and determine my ‘need’ income – i.e. what was the bare minimum I needed to earn each month in order to pay the necessities such as rent, food, bills. I worked out that I didn’t need a high paying corporate salary to survive and that I could do any number of things in order to earn income and as long as I brought in enough to cover my need income, I’d be ok.
2) Determine what it was I wanted to do – so firstly I needed to have a strong WHY for going down this path into my own business. It had to be strong enough to beat the odds, overcome all the negative talk that was surrounding me, lift my spirits when I felt down and out and finally give me a purpose bigger than myself to remind me of why it was that I needed to succeed.
3) Invest in my ongoing education – i.e. reading books, watching dvd’s and videos, listening to podcasts, going to seminars, workshops and getting good advice from mentors and coaches – and skill up, ensuring I did not become obsolete and also ensuring I could adapt relatively easily to survive and thrive.
If you have started this process then thats fantastic, because whether or not you actually become made redundant, I think its prudent to prepare yourself for when you’re no longer in your current role. What it will do is get you to think about your future, evaluate your wants and needs carefully and look beyond the horizon of your current job. Life is worth contemplating on and making sure you are equipping yourself for the journey ahead, through the good times and the bad.
If and when you do face a redundancy and perhaps you are going through this right now, you will have done your homework to work out exactly what your next steps should be and you’ll be confident moving forward.
Good luck in your endeavours and keep in touch with us to share your journey!
What did you learn from your past redundancy experiences or if you’re going through this right now, what are your thoughts? Reply below to leave a comment. We’d love to get your insights as this can help many others in a similar position as yourself. Best responses will get shared on our Facebook page. We look forward to hearing your feedback!
Gavin Sequeira is the author of the much acclaimed book ‘Break Free From Corporate’. Make sure you get your copy today to kickstart your transition from corporate and into your business. If you would like to contribute, please contact us through the “Contact” page and we look forward to connecting with you!
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