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How to bounce back from redundancy

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A layoff, whether expected or completely out of the blue, can quickly turn your world upside down. In either case, it can come as a blow to your self-esteem and leave you wringing your hands in worry, wondering what exactly to do next. But it is possible to bounce back from redundancy.

The fear is not misplaced, as one in ten UK employees think it’s probable they will be made redundant in 2019. Before panic sets in, the best place to start is by internally processing your new situation. First, take a deep breath. It’s perfectly normal (and healthy) to go through the five stages of grief when dealing with the transition from soundly employed to being out of a job, especially if it was unexpected. It bears remembering that layoffs are typically not personal, as they usually say more about a company’s performance than your own.

After taking time to decompress, it’s important to take a look at your finances to know where you stand and how long you can manage without a regular paycheck. If you are not entitled to any severance pay following your layoff, you’ll want to keep an especially close eye on any outstanding debt and may need to heavily rebudget to adjust to your new financial situation. After reaching an acceptable realignment of finances, it’s time to prepare for your next career move.

Before beginning a new job search, it’s a good idea to really consider what you actually want to be doing. A layoff can present new opportunity to pursue alternate career paths, so take the time to consider whether you’d like to switch industries. Whether or not you choose to stay in your field, prioritise building out your network (which can open new doors) and updating your CV to reflect your biggest accomplishments.

For more ways to bounce back from a layoff, check out the infographic from Turbo below.

Bounce back from redundancy infographic

How did you bounce back from redundancy? Tweet us your advice at @CareerCamel.

Career CamelHow to bounce back from redundancy

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