If you have been made redundant, it may feel like the end of the world, but it doesn’t have to.
While there isn’t recent data to showcase yearly redundancy rates in Australia, the most recent figures from ABS showcased a 45% increase in the number of people made redundant between 2017 (187,000) and 2018 (272,500).
As of August 2020, the unemployment rate in Australia now sits at 6.8%, underemployment currently sits at 11.2%.
Being made redundant isn’t easy but there are things that you can do to get a sense of control back if it happens to you.
If you have been made redundant, here are 7 strategies for bouncing back:
- Ask HR about what happens next with your health insurance and pension plan
- Ensure that you are paid all all remaining balances in full
- Apply for JobSeeker as soon as you can
- Work on a personal budget
- Google yourself and audit your social media accounts
- Make your next career move your new full-time job
- Don’t be too hard on yourself
Ask HR about what happens next with your health insurance and pension plan
Ask HR or your manager about what will happen with your health insurance and pension before you vacate your current position. Leaving a job, and not by choice is a very overwhemning experience so you want to get all of that admin out of the way now, so you don’t end up being left to muddle through it weeks after you have left your organisation.
A good HR team and/or manager will be able to offer you some insights and solutions, once you have that knowledge, start making a plan for how you will supplement or pause payments to both.
Ensure that you are paid all all remaining balances in full
Your redundancy pay depends on the length of your continuous service with your employer. Continuous service is the length of time that you are employed by the business, it doesn’t include unpaid leave.
Speak with your manager and/or HR before you leave to confirm the redundancy pay-out you will receive so that you can factor this into your budget for the future.
Apply for JobSeeker as soon as you can
Once you are unemployed and are actively applying for new roles, apply for JobSeeker to help keep you afloat. There is no shame in being made redundant. If you are on the job-hunt, you will need some cashflow to keep you afloat during this period.
- You’re between 22 and Age Pension age,
- You meet residence rules,
- You meet the income and assets tests,
- You meet our definition of unemployed and you’re looking for work and;
- You’re sick or injured and are unable to do your usual work or study for a short time.
Find out if you are entitled to JobKeeper here.
Work on a personal budget
You may or may not have a rainy day fund, but whatever your savings or redundancy package does look like, you need to work on a personal budget sooner rather than later.
As opposed to seeing it as a grim eye-opening activity, look at it as an exercise in which you can take control of your spending and set yourself up for stability over the next period of job-hunting.
Google yourself and audit your social media accounts
Try to see this experience as an opportunity for a fresh start, an opportunity to reinvent yourself! Job-hunting can feel like a full-time job but it can also be a time to blow away the cobwebs and revamp your personal brand.
Social media management of your personal accounts and a quick Google of yourself can be a good place to start. Before applying for new roles, do a quick audit on your digital footprint and see if there is anything you can do to ensure that potential employers will like what they see when they find you online.
Make your next career move your new full-time job
Going on a job-hunt, while it can feel intimidating at the start is a great way to re-introduce yourself to your goals and aspirations. Becoming redundant is an extremely difficult time but it could also be the change and boost you needed. One step back could be four steps forward.
Use this time to think about what you really want from your next role and be strict with your job search, only apply for roles that make you feel invigorated about the future.
Don’t be too hard on yourself
Being made redundant can feel like the rug has been pulled from under you. Taking back a sense of control is important but it doesn’t have to be immediate. You need to take time to grieve over what has been lost. You owe that to yourself.
If you receive this news, don’t be too hard on yourself, you are allowed to treat it a little like a break up and take that essential time to heal. No one expects you to bounce back immediately and you shouldn’t expect that of yourself either.
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