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The changing face of business may bring some bad news personally but there are ways to turn a negative into a positive.
Whether you have been in the workforce for two years or twenty, being made redundant can seem like a huge career setback. It may be that your employer is cost-cutting or restructuring and your role just doesn’t fit.
Workers are usually made aware that redundancies are needed for a company’s ongoing prosperity or due to the changing economic landscape and that certain areas may be targeted.
The people who fill those roles deemed no longer required, are then informed in a private meeting with a manager and sometimes a Human Resources manager.
Outplacement Australia career transition consultant Gillian Kelly says normally the manager outlines the reasons a person’s role is being made redundant, and sets out the process from that point.
As it can be a very emotional experience, it may be quite difficult to take in what’s going on, so the most important thing is to try to get any information in writing so you’re not relying on your memory,” Ms Kelly says.
“Hopefully most organisations would provide you with those details in writing at the time, but if you’re unsure of anything just try to jot it down, make a note or ask some questions.”
The sort of questions that may be pertinent, include:
“A lot of organisations provide some placement support to individuals and there can be people they can meet afterwards to talk to about what’s happened because it can be quite a shock,” Ms Kelly says.
You will be told when you are leaving, and the details of your redundancy payout, a portion of which is tax-free.
The amount of the payment varies from organisation to organisation, and from award to award.
“The redundancy payment is there to support you while you find another role and to alleviate that bit of (financial) pressure,” Ms Kelly says.
“Some people are lucky – they walk out and find another role quickly, but it’s not uncommon either for people to take months to find a role.”
She recommends getting financial advice, and resisting the temptation to blow the sum on a luxury item.
“That money can be really important in the coming months for taking that pressure off, especially considering it can be harder to find a new role when you don’t have a lot of experience,” Ms Kelly says.
If you are facing redundancy, QSuper is here to help. Call our Redundancy Hotline on 1300 360 740.
Download QSuper's Redundancy factsheet
The next step requires positivity, so it can be worthwhile to take a week or two off to collect your thoughts.
“Once you’ve had time to let the emotions settle, be proactive, update your resume and make sure it highlights the achievements you’ve had with that organisation, the skills that you’ve drawn on,” Ms Kelly says.
“Prepare yourself for interview and use your network. Young people have got great networks, so apply those in a business setting to starting finding opportunities.”
Get your redundancy notice/payment details in writing
Ask about redeployment/retraining
Speak to a career transition consultant or take a course if available
Consider consulting a financial adviser about how to make your redundancy payment work for you
Take some time to collect your thoughts, and prepare for next step
Update your resume and LinkedIn profile to reflect your achievements and skills from previous role
Prepare for interviews by focusing on positive experiences
Use your network to find new opportunities.
Source: Budget papers
QSuper can provide you with information to help you consider your options, or connect you with a QInvest1 financial adviser for more personal financial advice.
Simply phone our Redundancy Hotline on 1300 360 740.
Personal view disclaimer.
The views of the interviewee are not necessarily the views of the QSuper Board and QInvest Limited Board. We’ve put this information together as general information only and you should get professional advice before relying on this information.
1 QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. Advice fees may apply. Refer to the Financial Services Guide for more information.
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