When You Don’t Have Enough Money In Your Retirement Pot
Losing your job especially when you are settled well in your career in the 40s and beyond can be a nasty shock and judging by the times that we are living in, for many this nightmare has come true in the last few months.
So how should one react to being made redundant, especially later in their careers? To be honest, there is no set way to deal with it, and to a large extent it will vary person to person because everyone has got a different mindset and different skill sets, but in this article, we shall try to look at ways through which you can try to bounce back after being made redundant late in your career.
1. Know your rights
You will need to know this even before you leave your office knowing that you have been made redundant. Know your rights, know the written details of your package and if you think that you have been treated unfairly, then seek legal help.
2. Accept it and move on
This is basic human psyche; whenever we come across a shock that has the potential to affect our lives in a significant manner, we go into this state of denial at first. These times are tough, and many people have been made redundant in the last few months, and our first tendency is to blame the system. This is fine, it is perhaps even true but staying in this type of mindset for an extended period of time is only going to debilitate your own growth and hamper your chances of finding new opportunities in life.
So if you have been made redundant, the faster you accept it, the better it will be for you. Brooding over
It will not help you much; it will only make you feel more miserable.
Remember the fact that the mental barriers that we create around ourselves are the biggest inhibitors of our growth. We may be surrounded with opportunities, but just because we have created these psychological barriers we fail to see them. This is why it is absolutely essential to have the right mindset, which brings us to our second point.
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3. Be Flexible
Flexibility is a fundamental trait to have, especially in today`s world, when the whole global society is going through a transformative phase.
Flexibility allows us to shape ourselves according to the circumstances that we are in. Yes, being made redundant when you have got a career going good is probably the worst thing that can happen to you, it can put even the most mentally strong people off, but once you are over the initial shock, you will need to think about the opportunities around you. Remember that this is not the end of the world, and there are worse things that can happen to people.
4. Focus on your strengths
As bad as it sounds being made redundant means that you now have free time on your hands, use this free time to analyze your strengths and weaknesses. Your strengths are your strengths, and you are already good at them, your weaknesses, however, are the chink in your armour, and this is where you will need to focus now. Try to turn your weaknesses into your strengths to gain those additional employability skills.
5. Diversify your skills
Once you know your strengths, you will know what you are good at, but this is not where you are supposed to stop. You will also need to look beyond your strengths into areas where you are weak. You can use the time you have to top up on some in-demand skills that can make you more employable or you can learn an entirely new skill set to diversify your skillset. Diversification is a good strategy for both investment and career skill set building. Employers do not look at how good you are as a person, they look at your employable skills or the utility that you have to offer, and so if you have got a diverse skill set, you will have better chances.
6. Top up your CV
Perhaps take some time out to work on your CV again and see what skills and competencies you have picked up during your career. Most people do not regularly update their CV. They, therefore, miss out to mention the key skills and experience that they have gained. Take your time to brush up your CV, and if you are not sure about it yourself, then you can use the help of a professional CV maker to help you out.
7. Apply for jobs right away
Just because your current employer has made you redundant, doesn`t mean that you are not going to find another job. Yes, the job market is looking pretty bleak at the moment, but you must not stop applying. As stated above, brush up your CV and apply for as many jobs as you can.
If you are into the late 40s and beyond, then you may frown upon hearing the word freelance, but freelancing is the hottest thing in the market right now. Young careers are ditching the 9 to 5 run to set up their professional careers in their respective fields. Why? Simply because it pays well and you are your own boss.
At present, the 20 to 35 age group has the biggest percentage of freelancers with 25-35 age group generating some serious traction because these are qualified individuals who bring technical skills into the freelance markets, skills that are in high demand.
Similarly, individuals above the 40 year age group are less in percentage, but recent surveys show that they charge the highest rate and therefore earn more than another age group simply because they have got experience.
So if you have been made redundant, you can perhaps set up a profile on a freelancing platform and start earning. It may take a while to get your profile going.
The fact that you have racked up experience can work in your favour if you have the entrepreneurial mindset. You have already got the expertise and technical skills, so if you always dreamt of starting a business of your own, then this is the time to do it. What`s the worst that can happen? Well, what`s the best that can happen? If you never try, you`ll never know the answer to these two questions.
Countless surveys have proven that the most efficient way to get a job is to network. You can send your CV`s to dozens of employers, but if you have got good networking, then your friends or acquaintances can give you a head start. Employers also prefer to hire people through networking sources as it makes them more certain about the skills and capability of the candidate
If you follow these tips, you will create opportunities for yourself, even during a difficult time. The most important thing is to remain in the right frame of mind, know that if you are made redundant, then it does not have to do with anything wrong on your part. You aren`t sacked from your job; the company simply cannot afford to keep you. This is a structural problem, and if you keep on looking by following the tips that have been mentioned above, then you can surely bounce back up from redundancy.
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Can I negotiate a better redundancy settlement?
if the redundancy pool is small (i.e. only two or three of you) and your employers are looking for voluntary redundancies, or are targeting you unfairly. You may also be able to negotiate a better redundancy compensation package.