If you have recently been made redundant from a job, this is probably an emotional time. Whether your redundancy was voluntary or came as a complete shock, you might feel depressed and even angry. Going from a full-time job into the unknown is a huge transition. The good news is that it can also open new doors. In fact, many people find that once the initial shock wears off, they embrace new-found freedoms, seize opportunities, and eventually come to see the redundancy as one of the best things to ever happen to them. Here are a few tips to help you stay positive and find your new path.
If you were employed by the company for many years, you may find yourself in receipt of a substantial severance payment. Think carefully before making any significant purchases or investments. Put the money into a high-interest savings account while you figure out your future goals and career path. Whether you want to start your own business or find a new job, you will need your severance money to sustain your lifestyle until you are earning again. Setting a budget and sticking to it will allow your money to go further while you find your feet.
A New Focus
For many people, redundancy is similar to a forced holiday. It may be the first time you’ve taken an extended break in many years. Use your time wisely – figure out your goals, reflect on what you want from work, and think about work-life balance. What did you like about your old job? What didn’t you like? While your time for reflection may be limited by your financial situation, try not to rush headfirst into the first opportunity to come your way. Taking time out to reassess can be invaluable to helping you find a more fulfilling career.
Would you like to change career? Seek advice from friends, family members, old work colleagues or a career counsellor. Speaking to a range of people can you help identify your strengths and find ways to transition into a new profession. Keep in mind that severance packages often include money for re-training. This could be a great opportunity to undertake a short course or even go back to university.
Start Your Own Business
Many people dream of becoming their own boss. With time on your hands and money from your redundancy, this could be the perfect time to take the challenge. There are many options for people wanting to start their own business. Think about what you’re good at and what you enjoy. Starting as a freelancer or contractor will allow you to start your business with only a small investment. Just make sure you think carefully about the viability of your business before investing large sums.
Remember that many good things can come from a redundancy. Get down to business and actively plan your future. By figuring out what you want to do, and what steps you need to take to accomplish your goals, you will set yourself on track for a new and rewarding career.