The first time a person is made redundant is usually a shock and there will be grieving and anger. In corporate speak, it’s the job role and not people that are made redundant. So you could think of it that it’s just business but it is you who loses your livelihood, status and purpose.
The average person can expect to be made redundant at least once and some people even jostle for redundancy – they want the money and a chance to work somewhere better. While redundancy is a shock, don’t get stuck there, draw up an action plan.
What are all the job hunting methods you will use and what do you need to do to update your CV details and to get the word out there? Make a list of all your skills, attributes, education and training. See yourself in these terms rather than as a particular job role.
Match your skills to as many roles as you can. You may have picked up a bundle of skills in your last role but have no “paper proof”. You could use some of the redundancy money to secure certifications reflecting what you have to offer.
Having a financial plan is very important. Work out all debts and your living expenses so you know the minimum you need to earn each week to meet your obligations. Job-seekers Benefit will only last for 9 months after which you will be means tested. Your redundancy lump sum will be taken into account which could result in you receiving no further State benefits.
Many people’s reaction is to go out and spend it and fall back on the State benefits. That may suit those who have smaller lump sums but it is not the answer for most people.
Get independent financial advice from a qualified adviser who will help you draw up your own individual financial plan and the strategy to deliver it. It is worth spending a few hundred euros to get clarity about your goals and expectations from your lump sum.