Wednesday, June 3rd, 2020

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Redundancy – A survival guide

In the current economic climate, redundancy has fast become a common occurrence of working life and the Insurance industry certainly has had its casualties over recent years.

It is obviously a worrying time but it is important to remember that you are not alone and there are many people that survive redundancy and look back to actually being thankful for the opportunity to move on, enjoy new challenges and even have a more rewarding career path than before.

Barker Munro has created our top tips for surviving redundancy.

Keep Positive

It is always important to remain positive in troubled times and believe that you will find a new role quickly. Once the redundancy has happened you need to accept the situation and plan for your future rather than feel sad or resentful about it. Think about what you hope to achieve and the positive future a new opportunity could hold for you.

Look at your finances

It is important to work out what salary range you can consider for your next role. It may be that you will need to be more flexible on your salary requirements and that you may be able to afford to earn slightly less than before if need be. It is quite surprising how little the net difference is in take home pay between annual salaries. Hopefully, your new role will offer you a salary increase but it is important to be fully aware of what levels of remuneration you can consider and to be aware of the realistic salaries that are available in the current market.

Review your finances and perhaps seek the advice from a Financial Adviser. There are lots of ways to reduce your monthly outgoing e.g. you may be able to take a break from your mortgage payments or perhaps cancel your Satellite TV monthly subscription for a while.

Location

Be as flexible as you can on location. Many candidates have a preferred town they would like to work in but by being flexible and allowing an additional 30 minutes each way to your journey time, can open up a new selection of vacancies to consider therefore increasing your chances of securing a new role quicker.

Time scales

Be aware of the length of time that you have been looking for work. Initially draw up a list of preferences that you would like in your next role i.e. location, salary, type of role etc. As the weeks go by, it is important to regularly review your list of priorities and lower your salary expectations and increase your flexibility on journey time in order to secure a role. It can prove more difficult to secure a role, the longer you have been out of work so be aware of the timescales.

Job boards/agencies

Unfortunately a job is unlikely to come ‘knocking at your door’ so you will need to be pro active in your search. Once you have exhausted your personal and professional contacts you will need to expand your search. Research which agencies you feel will be best to assist you and seek recommendations. Choose an Agency that covers the location that you want to work in and that specialises in the market you want to work in. There is no need to register with multiple agencies but two which complement each other should suffice. Barker Munro updates its website, Twitter, Linkedin and Facebook feeds on a regular basis so connect with us!

Try and look daily on specialist and local job boards on line so you can keep up to date with latest vacancies and keep in regular contact with your recruitment consultant.

Balance the job seeking activity

Try and be focused in your daily job hunting routine and give yourself something to achieve each day. Allow yourself some leisure time and relaxation to give a healthy balance to your day.

Be honest with perspective employers

Be open and honest as to why you were made redundant. Remember that it was your role that was made redundant, not you personally, so do not make negative comments about the organisation you have just left. Many prospective employers will have been through some form of redundancy themselves.

So remain positive, flexible and proactive – good luck and we hope you find a great new role very soon!

 

 

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