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What To Do If Being Made Redundant – Bouncing back

In today’s dynamic job market, redundancies have become a common occurrence. Economic fluctuations, technological advancements, and unforeseen circumstances can all contribute to sudden changes in employment.

Statista reported a huge spike in the number of people made redundant in the UK from May 2020 (following the effects of COVID-19 pandemic) which continued to rise till November 2020. Since then, the figure has drastically lowered, but with there still uncertainty over the cost of living and uncertain job market; it’s leaving us to question what will happen next?


Statista Redundancy Report

While facing a redundancy can be challenging, it’s crucial to remember that it’s not the end of the road. In this blog, we will explore the current job market landscape and provide valuable insights on how individuals can bounce back from redundancies and thrive in their careers once again.

Embrace the Change:

Facing redundancy can be emotionally overwhelming, but it’s essential to embrace the change and maintain a positive mindset. Acknowledge your feelings, allow yourself to grieve the loss, and then focus on the opportunities that lie ahead. By shifting your perspective, you can view redundancy as a chance for personal growth and exploration of new avenues.

Assess Your Skills and Interests:

While navigating the job market after redundancy, take the time to assess your skills, strengths, and interests. Reflect on your previous experiences and determine the skills you have acquired. Identify transferrable skills that can be valuable in various industries. Additionally, consider pursuing further education or training to enhance your skill set and adapt to the evolving job market.

Steps you can take:

  • CV review: We at Stellar Select take the time to go through your CV with you, assessing your core skills and experience, making sure they are highlighted in the best way possible.
  • Training/education: You can often find free online courses and lessons you can take, or even a blog article to widen your knowledge on a particular topic – PS. Take advantage of the LinkedIn Learning free trial, it is a great resource for this!


Update Your Resume and Online Presence:

Revamp your resume to highlight your accomplishments and showcase your skills effectively. Tailor it to match the requirements of specific job opportunities, emphasizing your adaptability and resilience. Simultaneously, review and enhance your online presence, such as LinkedIn and professional networking platforms. Build a strong digital footprint by sharing industry insights, participating in relevant discussions, and connecting with professionals in your field.

Steps you can take:

  • Check out our blog on CV Formatting Tips where you can get a few pointers on how your CV can stand out from the rest. (We’ve even included a FREE template for you to use!)


Network, Network, Network:

Networking is crucial in today’s job market, especially after a redundancy. Tap into your existing network and seek support and advice from colleagues, mentors, and industry professionals. Attend virtual and in-person networking events, join industry groups and associations, and engage in conversations that can lead to potential job opportunities. Your network can provide valuable insights, referrals, and connections to unadvertised roles.

We at Stellar Select has a vast network; built over the course of 20 years within the financial services sector. The support, advice, and connections offered through this network has and continues to significantly enhance candidates chances of finding the right job opportunity and launching a successful career path. Take a look at our candidates page to see what we can do for you.

Upskill and Adapt:

To remain competitive, it’s crucial to upskill and adapt to the evolving demands of the job market. Identify the skills that are in high demand and align with your career goals. Online learning platforms, industry certifications, and workshops can help you acquire new skills or update existing ones. Consider exploring emerging fields or industries that show potential for growth and seek opportunities to gain relevant experience.

Stay Resilient and Persistent:

Bouncing back from redundancies requires resilience and persistence. Understand that finding a new job might take time and that setbacks are a part of the journey. Stay focused, maintain a positive mindset, and leverage any feedback received during interviews to improve your chances. Keep honing your skills, stay updated on industry trends, and adapt your approach based on the feedback you receive.

Consider Alternative Options:

The job market is evolving, and traditional employment may not be the only path forward. Consider alternative options such as contracting or maybe consulting. These avenues provide flexibility, autonomy, and the opportunity to leverage your expertise in new and exciting ways. Contact us to see how we can guide you along your recruitment journey.

Redundancy may initially feel like a setback, but with the right mindset, strategies, and perseverance, it can be a stepping stone to a brighter future. By embracing change, assessing your skills, networking effectively, and adapting to the changing job market, you can bounce back stronger than ever.

If you want to know more and see what options await, feel free to book yourself into one of our trusted and experienced consultants’ diary to discuss whether we can find you the right fit.

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