7 things to have in place in case you’re made redundant
Being made redundant is, for most people, a shocking and emotional event. Indeed, it can be so shocking that it’s quite difficult to think straight for a while. In this blog, I will discuss seven things that you can do now to be prepared, should the axe fall. This will help reduce the stress and shock, avoid simple mistakes, and can ensure you start your job search with a clear head.
Know your rights
It’s important that you know your basic rights as an employee. Be very careful about signing away any of those rights in a restrictive covenant. If you have concerns, find an employment lawyer who can work with you and can check through any documents that you’re asked to sign. Most employers are decent and law-abiding, but I’ve worked with many coaching clients who’ve had their fingers burnt after not carefully checking what documents they were signing in the upheaval of leaving a firm.
Build and nurture your network
Regular readers will know that I’m a big proponent on knowing people, helping others along the path, and staying in touch. After all, you may need some help too one day. Having a large and relevant network of people with whom you have real relationships is a great thing. That said, it also takes time and a bit of effort to establish: don’t wait until it looks like the axe is about to fall.
Another thing to say about your network is that you might want to think about areas of activity and geography. Be connected with people in your sector and skill area, and think carefully about where your contacts are located. I recently coached someone from China. I asked if it was a possibility that she might one day move back. She thought she’d eventually like to live in Shanghai, but didn’t know anyone there. I suggested that she start making connections via LinkedIn with people who might be future employers and colleagues. Over the course of the next four or five years, she could easily build a large network in anticipation of a potential move.
Build your reputation
By this I mean that you’re known for two things:
First, the value that you can bring to an enterprise with your unique set of skills, experience and qualifications. You may even get to the point of being regarded as an authority in your field.
Second, that you’re known for the way you conduct yourself. These are your values, such as work ethic, integrity, punctuality, etc.
Have your CV and LinkedIn Profile ready to go
Your CV and LinkedIn Profile are clearly important things to have ready. They’re ultimately proposals of value that you promise to bring to a business. The way they are shaped will, to an extent, depend on what the audience is going to be. So if your thinking has not got that far, you can’t have the perfect polished article ready. However, you can have them both in reasonably good shape and up to date, tweaking them at least once a year.
Have access to your data
That means that if you have a company phone and laptop, etc. you’ll likely have to hand them in. You may lose all your contacts, information, diary, and so on. Make sure that within the rules and regulations of your organisation, you have access to your personal information and that you have a phone and computer to work on immediately.
Have a basic plan in mind
Think through the options that you think you might face if you were made redundant tomorrow. There are many factors to consider, including the state of the market, whether it’s just you or your whole department, and so on. Also, at least consider that you may want to make a significant move beyond your current role and go into another. Or, you might want to take the opportunity to get more education and qualifications to help you make a step change.
Have cash reserves
It’ll possibly take a little time to find a new job and it may not be wise to rely on your redundancy package to see you through. Aim to have at least six months, ideally twelve months, cash to cover you expenses and running your household. This will also mean that you have money aside to make any necessary investments in your job search, whether that’s hiring a career coach or gaining further qualifications.
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There’s no doubt that being made redundant is a crisis. However, by taking simple steps in advance to be prepared we can prevent the crisis spiralling downward into a disaster. If you think that you make find yourself redundant in the coming weeks or months, let’s talk and see if we can help make that transition to your next dream job a swift one.