Updated: Jan 11, 2022
If you are reading this, maybe your role was made redundant recently, perhaps your role is at risk. I get it. I really do.
In 2020, after 4 years of service, my role was made redundant.
The gut wrenching news was delivered a day before my birthday, talk about poor timing, but hey-ho, there I was.
Oh and another blow was that the role I was working in was based in a country I had literally moved my family and I too only 15 months prior to this event. My Husband, 1 year old Son and 2 dogs. Everything uprooted for this job.
5 months prior to this redundancy talk, I had bought a half a million euro house.
The whole thing sucked.
On multiple levels!
Is my story 'the worst' almost certainly not.
But is it similar to what you are facing? Potentially yes. I'm writing to let you know what to do during the process and what action to start taking in order to move forward quicker.
This is key.
The quicker you begin to plan the future and think with a future mindset, the quicker you will actually reach your next goal.
During the process
In any meeting regarding the redundancy, stay as human as possible. You have worked with these people for years. No-one takes joy in delivering this news and whilst I understand that 'someone pushed that domino' it'll do you no favours in kicking off, hurling verbal abuse all over the place or worse. You never know when your paths may cross again, stay calm (at least on the outside)
Reassure yourself by saying this as often as possible 'I wasn't made redundant, my ROLE was made redundant' Reframe your rejected and self-deprecating mindset. Please stop questioning 'why me' and going in loops of just how much work you've done for the company and how key your role is etc. The decision has been made. Yes it sucks. But now you need to focus on healing your mind, getting out in the best way and then recovering; to move forward quickly
Partner with a lawyer or equivalent for your industry. Most companies will 'do the right thing' and abide by their policies, so you can actually calculate an approximate settlement. However, you may want to consider other losses and how you'd like to settle those. For example, what is going to happen with your pension and accrued holidays. Maybe you have stocks in the business. What about the notice period and/or garden leave? Have you thought about your retention bonus or any other areas you were expecting a benefit to come in? In many cases, employers will be open to discuss an amicable exit. Having a lawyer will ensure all the boxes are ticked and that you are coming out of this in a fair, legal and proper manner
Most companies will present you with alternative employment inside the business, if opportunities exist. See what those roles are, if they peak your interest then pursue it. If there is nothing, then no more needs to be said. You are not obligated to accept another role if it does not closely match your current position and renumeration
Leave with pride. Leave with your head held high. Be honest about the event. There is no shame in this happening. It was out of your hands, out of your control. So do not let it take over your life. Mind your mind!
After the shock, sadness, anger, hurt, emptiness and bad feelings starts to fade away you'll want to start financial planning and future planning.
A simple revision of expenditures can be very worthwhile.
Subscriptions you no longer use, the gym you don't go to, the boxes of wine you store, the apps you never use! There will be some areas in your expenditure list that you can cut-off without even feeling the effect.
Depending on your financial circumstances, you will either want to get back into work as quickly as possible. OR you'll have the room to take your time, use the time wisely to consider your options and perhaps enjoy some time off!
Whatever you do, have a strategy in place.
You need to know when you will draw a line in the sand. So to speak.
If you have set aside a chunk of money to live off, pay the bills and you know that after 3 months you will NEED a job, then my advice is, get onto search and apply immediately.
One cannot 'relax' for a couple of months then start applying.
The risk stacks against you.
If you are not financially concerned at all, then you'll need to plan and execute in something else.
Invest in your own development, learning languages, taking courses, maybe setting up your own business or doing some volunteer work.
You must make a plan to actually do something.
You have been working for a huge chunk of time, in a specific routine, meeting people, traveling the country, attending conferences, trade meetings, store visits and more.
Your nervous system is programmed into a routine.
You are hard-wired.
Do yourself a huge favour and honour this. Better it even! But don't do nothing. Sitting around with little purpose will quickly spiral into poor thoughts, poor energy and downgrading who you really are. Picking yourself back up again will be really hard.
You don't need that.
Of course, enjoy some downtime and re-charge. But then what? Now what? What next?
Having time on your hands is only good when you know something else is happening.
Warren Buffett is beyond wealthy, he could sit on a beach or a yacht all day everyday.
But he doesn't. He keeps his mind busy, he works on himself, he invests.
We cannot sit around with no purpose or goals.
Wherever you are, get pen to paper and start planning your next move.
Better days are ahead, if and when you get focusing on them.