How to prepare for redundancy

In a somewhat unknown economic climate, it’s difficult to predict what the UK economy will look like once the majority of government support schemes end. Since starting my career back in 2009, and opening a recruitment agency in 2014, I have always found the job market buoyant, with redundancies rarely heard of outside the public sector.

It seems we are about to embark on a complete switch; according to the Office for National Statistics (ONS) 649,000 people left company payrolls between March and June, with higher figures expected to be released this quarter.

In such unprecedented times, it’s only natural to worry, or in many cases ‘jump’ – we are talking to many candidates who are saying they are looking to quickly make the move because of the ‘fear of redundancy’, which in most cases we advise against. It’s so important that you are prepared and plan but equally important to avoid knee jerk reactions.

Here are some things you can work on now:

Your CV

In an employer driven market, it’s predicted that each vacancy will receive more applications than ever before so it’s important your CV stands out. It’s much easier to achieve this over a period of time so would highly recommend starting work on your CV now so you are able to move quickly if the redundancy does happen.

Here are some useful blogs that will help:

CV Writing Tips

CV Updating Tips

Reviews and Recommendations

We are finding reviews and recommendations are becoming increasingly important in the digital age; in all honesty we always review the LinkedIn profile of every candidate and the profiles that include recommendations from their manager, clients and colleagues really do stand out.

With that in mind, it’s worth thinking who could you ask for a recommendation now and who could you give a recommendation to?

Skill Shortages

Another area to consider is skill shortages or areas that you can improve now, which may give you that extra 5% to obtain your next opportunity. Since lockdown I have personally completed my Google AdWords Exam, which was free and something we are considering investing in. My wife, Rebecca, is in the process of completing a free short course in CIPD People Management Skills. Whilst she already holds her CIPD and line manages, she has found the qualification really interesting and again something she can add to her CV.

If you need help in the form of constructive criticism from an employer/recruiter, we will be happy to give you some ideas of things you could do in this area.

Review  

Whilst many of us love our jobs and the thought of redundancy is scary, it’s so important that we approach the possible next chapter with a level head.

It’s definitely worth spending a good amount of time to review the things you really love about your current job and the things you don’t as much. It’s important to think about the whole picture from the commute and salary to the complexities of the role and the projects you are working on.

It’s also worth looking at the current market, talk to a careers advisor or a recruiter about the sort of jobs you could look at, so if the redundancy does happen you are fully prepared to make the right decision.

On balance

The redundancy might not happen, and if it doesn’t that’s great but it’s so important that you are prepared for every scenario and by following the tips above you will be able to make an informed decision.

In most cases we would recommend being prepared but be very careful about leaving a job before really evaluating all factors.

If a conversation would be useful, please get in touch