From The Times
February 4, 2009
How to . . . bounce back from redundancy
If you handle it right, losing your job is not so much a setback as a chance to build a whole new professional future
City workers have lost jobs in the downturn, but could this be an opportunity?
Emily Ford
Be prepared
1 “Redundancy will be a reality for many people this year. How prepared you are affects how quickly you are able to bounce back,” Ben Williams, a corporate psychologist, said.
“Be ready for the worst possible scenario. Keep your CV updated as a rolling document and prioritise personal development.”
2 You don’t have to take the first package you are offered. Many managers are “very bad” at explaining options to employees, while the shock means that only about 10 per cent of people negotiate, Mr Williams said.
Offering your skills part-time as a contractor can be a good way to keep money coming in and maintain good relations. “The organisation is often in a flatspin. If there’s another job you think you could do, you may be able to influence events,” Ann Parkinson, a leader in people management at Henley Business School, said.
Accept the emotion
3 “Redundancy is a very emotional experience and people respond in different ways,” John Lees, career coach and author of How To Get A Job You’ll Love, said. “Look honestly at how you’re handling rejection and don’t lose sight of your employability.”
Mr Williams describes the psychological stages as similar to bereavement: shock, disbelief, anger, fantasy (“management are talking about a buyout and my job will be safe”), depression and guilt (“I should have worked harder”). We go through each stage several times before reaching acknowledgement, then acceptance.
Step back
4 Mr Lees recommends not going anywhere near recruiters, headhunters or anyone in your network for two to three weeks to allow yourself the time you need to come to terms with the loss of your job. “People tend to go with a very negative story, which will turn employers off,” he said.
Be pragmatic
5 Knowing how long you can stay afloat financially will give you the freedom to explore what you really want to do. “Many people rush into a similar role straight away when they should be looking at their pay-off and thinking: ‘How long can I actually survive?’” Dr Parkinson said.
Most of us have a safety margin of at least three to four months, Mr Lees said. “A lot of recruiters panic people, saying: ‘Get in the market fast or you’ll miss the boat.’ But it doesn’t work that way,” he added.
Reassess your career
6 Redundancy often inspires a complete change of direction. “It’s a wonderful opportunity to change to a job that is more in line with your value system,” Mr Williams said. Dr Parkinson advises having a ten-year vision. “If you think only two or three years ahead, you’ll see the barriers,” she said.
“The advantage you have is time. Understand your values, personality and skills and think where you could transfer them to.” It can be a good time to do an MBA or retrain altogether, she said.
Get out there
7 “Practise a short, upbeat statement to take to employers that switches the tense from past to future, eg: ‘Like an awful lot of people I was made redundant when my organisation was restructured, and now I’m looking for … ‘” Mr Lees said. “Any more detail – such as the injustices you suffered – and that’s all they’ll remember.”
Create a routine
8 It can be very difficult to adjust to the lack of work routine, so make one. “Go to the library, read newspapers, visit suppliers, former customers or people in the industry. Spend at least one day a week wearing business clothes and going to talk to people,” Mr Lees said.
“Volunteering your professional expertise to a charity can be a good way to stay motivated,” Mr Williams suggested.
Consider all options
9 Interim or portfolio employment might be the best way forward, Anne Beitel, managing director of Executives Online, an executive search company, said. “When permanent roles are down, temporary work is up. Interim roles can pay £750 a day and are a great opportunity to turn your skills into a business,” she said.
She advises thinking globally. “Not every country is experiencing a recession. Where else could you work?”
Retain your professional identity
10 The dangers of depression after a loss of status are real. Keep your work mentality, Dr Parkinson said. “If you’re a member of a professional body, go to networking evenings, for example. Don’t say: ‘I used to work for HP.’ Say: ‘I’m a software engineer.’ Opportunities can turn up in the most surprising places.”
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