Are you worried about losing your job? Many people have this fear and in the coming months, more and more people will be asking themselves the same question. If you are in this position, what should you do?
Firstly, ask yourself if this is a real fear or an unjustified reaction to the current economic climate. Most jobs, in fact, will not disappear and most people will remain in their current employment. You may be worrying unnecessarily. If your job security fears are grounded in reality, here are 10 ways that can help you to come out on top.
1. Make yourself indispensable
Help your line manager as much as you can. If you've moved around in the company, help those who are currently working in an area where you've worked previously (without annoying them, of course). If you know people in other departments of the organisation, spend time with them and understand their issues - can you help them to overcome these?
If your line manager asks you to help him/her prepare for a board meeting, for example, go the extra mile and prepare some presentation slides too. They may not be the finished article but it's much easier to finesse something that already exists than to start with a blank piece of paper.
2. Do a SWOT on yourself
Understand your Strengths and Weaknesses. How can you address your weaknesses? What opportunities are there for someone with your capabilities? What threats might be looming?
3. Take a personality test
There are a number of personality tests available for you to take. Two of the most widely used are Belbin and Myers-Briggs. Your Belbin report will show you how you perform in a team - are you a Leader, a Completer- Finisher, a Plant or a Shaper? Your Myers-Briggs report will reveal more about your own personality and the types of roles your will suit you. There are other personality tests available and these can be found through an internet search.
4. Research the market for your talents
If the worst happens and your job disappears, what are your options? Review the current job market by looking at Job Board websites, like Care Appointments. This will show you what jobs are currently available. Are you likely to find a job in your area or will you have to move? Are you going to have to take a pay cut? Get a good idea of your options before you need to start looking in earnest.
You should network inside your company as well as outside. Make sure you get to know as many managers as possible in your organisation and make sure they know who you are. Get back in touch with old colleagues. Networking can be face to face, at networking meetings or virtual, on the internet. The best business networking site in LinkedIn and you should definitely be registered on there.
Whilst you are still being paid by your current employer, try to go on any suitable training courses that will broaden your skills base. Many employers are sympathetic to funding courses for people who are leaving, as part of a redundancy package.
7. Understand your rights
Understand what you entitled to expect if you are made redundant. What is the minimum payment that you should expect - this will be based on the number of years that you have worked for the organisation. How will your pension be affected? Will you be eligible for a tax refund? How much notice should you be given?
8. Discuss the situation with your partner
If you find yourself facing redundancy, don't think of it as the end but as the beginning. It is an opportunity for you to choose to move on and get another similar job or do something completely different. Your partner may have their own views and you might find that you end up doing something together - running a franchise or an agency, for example.
9. Review your finances
Your financial health is the key to your future. If you have high outstanding debts, your room for manoeuvre will be less than if you have paid off your mortgage, the children have left home and your credit cards are untouched. Your financial situation will obviously change if you lose your job and you need to review your outgoings to see where you can cut back. Do you really need to go out to a restaurant twice a week? How many pairs of shoes do you need? You may have to forgo that summer holiday this year.
10. Think what you really want to do with the rest of your life
Being made redundant in midlife is not the end of the world. It really can be the kick that you have needed to make the move and do what you really want to do with the rest of your life. You will never have a better opportunity to take the leap and give it a try. You don't want to be going to your grave regretting that you wasted the best opportunity that you had!
These 10 steps will help you to come to terms with redundancy and to move on with the rest of your life.