Facing up to and overcoming redundancy is a very real threat during the COVID-19 crisis.
With fears that one-in-10 of the workforce will be out of work by Christmas, InFinance delves into the stressful issue.
While the pandemic has seen financial services sector act in a way to restore some of the trust absent at the time of the Royal Commission, it pays to plan and have the resume is up to date.
Seeking professional advice from government sources like the Fair Work Ombudsman and the private sector is also worthwhile.
HR technology company Compono’s ANZ managing director for Talent Solutions Richard Wynn has given his top tips on overcoming redundancy.
Richard - whose firm is behind the Australian National Talent Registry, which connects job seekers with opportunities - says a strategy is needed to avoid the worst consequences.
While he says it can actually be an opportunity for those who want to leave a business, there are significant challenges that need to be overcome.
He said: “It's become apparent that white collar professionals industries, including finance, accounting and marketing are being impacted.
“We’ve seen an influx of available talent from these sectors on the registry in recent weeks, and unfortunately, we expect these numbers to rise as we approach September.
“We also anticipate that the end of JobKeeper in its current form could likely trigger another wave of candidate sign ups as employers make some hard decisions about the ability to keep current headcount.”
Here’s Richard’s top five:
1. Revisit your life/career plan.
(If you don’t have one - get one written now anyway). Was this redundancy in-line with when I wanted to leave this specific company? If so, then mentally shift your view point from a negative perspective and turn it into a positive one. Embrace the opportunity to start your next chapter.
2. Complete a holistic plan.
What will be the impact on those around me? Financially and emotionally. Plan to navigate this and start conversations with those around you. If the unfortunate redundancy does happen, ensure you plan some “quiet time” before you jump into anything. I call it the “decompression chamber”. This is important as you deal with what has happened, and how you mentally navigate the change.
Who do you have around you and who do you have advocating for you? Have you been keeping this group close to you and have you been advocating for them? When you need your most important connections the most, they will always remember your actions and your contribution to them, first.
4. Role play the event.
Mentally prepare for the actual day and think about what you’re going to say if your employer does make you redundant. It’s not going to be pleasant for either side, so getting angry won’t help. People are always remembered for “how“ they leave a company, not why.
5. Get some professional advice now.
Have your employment contract reviewed and have some calculations done on your potential redundancy package. Do this now so that if a package is put in front of you, you will know if it’s a good starting place or not.”
With this in mind, the Fair Work Ombudsman site is worth checking out.
6. Ensure you’re up to speed with video.
The WFH revolution is here to stay and to get through a job interview requires a level of competency on your part. So practice.
7. Make sure lists of contacts are up to date, as long as it is within workplace guidelines.
It will feed into the networking that is useful to getting another job.
Compono recently launched the Australian National Talent Registry, dedicated to getting stood-down Australians back to work after COVID-19 left thousands out of work.
The recent reported rise in employment figures highlighted people are securing new roles and actively looking for work, according to Richard.
“The registry is already seeing some more resilient sectors rebound such as smaller B2B industrial businesses because these companies move to hire and rebuild teams.
“While it's clear recovery is going to be a slow process, there are companies starting to hire and we’re already seeing some successful matches on the registry as job seekers move across to new fields to put their varied skills to good use.”