Preparing for Redundency

Hi,

I am likely facing redundancy in the next few months. While I’m sure there will be some pay out I’m not hopeful of it being overly generous.

Unfortunately my role is quite niche and I am unlikely to be able to find a replacement role at similiar salary in Ireland. We are already pulling back on spending and building up reserves. But any other advice on preparing for a significant salary drop?

Thanks!

If this is mainly a finance rather than a work/career issue then maybe it would be useful to do a Money Makeover post?

Will your company offer any retraining funds? This happened me once and I didn't have the time due to family life to undertake an academic course so I did a few smaller things instead. Looking back I maybe should have done more with that fund so have a think if this applies to you and spend the funds wisely.

Get your LinkedIn updated. Start networking. Even if niche, work out your transferrable skills and figure out the best way to market yourself for a new role. Consider engaging with a career coach, seek recommendations on one.

Make a plan for what you might like to do if you end up with some spare time. Is there a trip you always wanted to take but couldn't due to lack of holidays eg long haul. Did you ever want to volunteer but never found the time, now can you offer your time if you have no day job for a while? Can you take on some household tasks that you currently outsource and pay for or potentially your partner does thereby preventing them from working to their capacity/potential? Can they consider pushing forward if they have a different home set up if you are not working?

Take a clear look at your budget. If you get a lump sum, can you use it to clear debts. Can you build up a picture of the before and after, both including your new potential salary and maybe even not working for a while? you might be surprised if you can shuffle things around and pay off debt.

Worth a conversation with Citizens advice as to what your social welfare entitlements will be. Secondly, retraining and reskilling if you are in a niche industry but don't pigeon hole yourself. A lot of companies, especially US MNC's look at the person for some rolls and not specific skills on the basis that the latter can be trained in.

Happened to me (redundancy) years ago, selected a good degree and studied at night for 4 years (3 nights a week 6pm to 10pm).

Company making me redundant paid for two years.

Was able to get another really good job in management based on the fact I was 2 years into the degree.They paid 100% for final 2 years.

Once I was in I got promoted quite quickly.

If you don't adapt to change you wither. It was a very tough 4 years as demanding degree, weekends gone and very young kids but I had no choice.

There's likely a fund there for training, see what you can parlay into a new career and study at night, don't waste time with Mickey Mouse qualifications, get a Degree .

Get a day warehouse job or whatever as a temp measure and study at night and change up the gears into a new career.

It's a challenge but once you've committed to it time goes in quite quickly.

Delete please