Dealing with Redundancy

Dealing with redundancy is a significant event in anyone career. At Senex Recruitment we have seen an increased number of people approaching us to help in their job search for this reason. So, we thought we would address in this article how best to handle this often career defining moment. Firstly, we will address why there has been an increase in redundancies in 2024?

Why has 2024 seen an increase in redundancies?

The current job market since 2021 has seen significant challenges and change since the end of the pandemic. Post-pandemic, many companies reacted to the increase in demand by recruiting excessively. This put significant strain on an already tested job market, pushing salaries higher as there was an increased competition for staff. However, as the UK economy has flat lined since, in many sectors the demand for staff has started to slow. This decline is offset by a smaller talent pool since Brexit so the situation is not as dire as it could be.

Anecdotally, across many sectors there has also seen a realignment of business strategy, with some manufacturers moving facilities to Europe for ease of Single Market access. An increase in consolidation of sites for some pharmaceutical manufacturers and some sectors struggling (such as EV Technology and food importers) and therefore having to close. These site and business closures in the Science and Manufacturing sector have been marginally offset by a realignment of areas such as R&D and Design which has seen a trend for reshoring to UK. A positive endorsement for the UK STEM sector.

We recommended keeping an eye on the UK job market by reading the ONS figures which are released monthly, we always post a quarterly analysis, so follow us on LinkedIn for the latest UK job market news.

Our analysis of the current UK Science and Engineering (STEM) job market tells us that the challenges are significant.  However, during challenging times there are always opportunities and as a business we have seen significant positive activity since the beginning of 2024.

However, if you are unfortunately caught up in a round of redundancies what should you approach the situation?

Dealing with redundancy - The early stages of redundancy

It's natural to feel a range of emotions, from shock and frustration to anxiety about the future. However, it's important to remember that redundancy is not a reflection of your worth or abilities. It is not you who is made redundant it is the job! If you were at fault, then it would be a discipline or performance issue.  Redundancy is simply a part of the ever-changing nature of the job market. Senex Recruitment helped many individuals successfully navigate through this challenging period. In many cases the result is finding a new job that is often better in many ways than the one they were made redundant from. Redundancy can be the catalyst for change that can ignite a career.

Dealing with redundancy - Embrace the Transition in your career.

Acknowledge Your Feelings: Allow yourself to process the emotions that come with redundancy. It's okay to feel upset or uncertain about the future. Take the time you need to “grieve” the loss of your job, but also remember to stay focused on moving forward.

Maintain a Positive Mindset: While it's natural to feel discouraged, try to maintain a positive outlook. View redundancy as an opportunity for growth and exploration rather than a setback. Remember, every challenge presents new possibilities.

Start to Plan: Once you have processed the situation, strategize how you will start your job search. Consider timescales, redundancy payments, potential bonuses for supporting a closure or relocation of a business. Decide what is the most important for you. What are the risk factors and potentially seek external Employment law advice.

Dealing with redundancy: Reflect and Reevaluate

Assess Your Skills and Accomplishments: Take stock of your skills, accomplishments, and experiences. What are your strengths? What achievements are you most proud of? Understanding your value will boost your confidence as you search for new opportunities.

Clarify Your Goals: Use this time to reflect on your career goals and aspirations. Are you looking for a similar role, or is this an opportunity to pursue a new direction? Clarifying your objectives will guide your job search and help you make informed decisions.

Dealing with Redundancy: Update and Enhance Your Profile

Revamp Your CV and LinkedIn Profile: Tailor your CV and LinkedIn profile to highlight your most relevant skills and experiences. Be sure to quantify your achievements and use action-oriented language to showcase your impact in previous roles. A vital tip is to keep your current job title on LinkedIn as the job you work in. For example, do not change to “job seeking” or “made redundant” many recruiters search and view current job title when trawling LinkedIn for candidates, you will be missed.

Invest in Professional Development: If you are facing a longer period of unemployment you may want to consider acquiring new skills or certifications that will make you more marketable in your desired field. Online courses, workshops, and networking events are great opportunities to expand your knowledge and connect with industry professionals.

Network, Network, Network

Reach Out to Your Network: Leverage your professional network to uncover new opportunities. Inform former colleagues, managers and industry contacts about your situation and ask for their support and advice. You never know where a referral or recommendation might lead.

Attend Industry Events: Participate in industry-specific events, conferences, and seminars to expand your network and stay updated on industry trends. Networking is not just about finding job openings; it's about building relationships that can benefit your career in the long run.

Stay Resilient and Flexible

Be Open to Change: Remain flexible and open-minded as you explore different job prospects. Your next opportunity may not look exactly like your previous role, but it could lead to new and exciting experiences. You may need to alter your perspective on salary, work location, hours, or job title to find a new job.

Practice Self-Care: Take care of your physical and emotional well-being during this challenging time. Maintain a healthy routine, stay active, and engage in activities that bring you joy and relaxation. Remember, self-care is essential for maintaining resilience and focus. Also, searching for a new job is also a job as well. Approach it as such and the success will come.

Dealing with Redundancy: Final Thoughts

While redundancy is the end of one chapter, it's also the beginning of a new one filled with many possibilities. By embracing change, leveraging your strengths, and staying resilient, you'll not only overcome this setback but emerge stronger and more resilient than ever before. Keep moving forward and remember that your next opportunity could be right around the corner.

Senex Recruitment is here to help you if you find yourself redundant and work in the Science, Engineering, Technology or Manufacturing sectors. We will always offer support and guidance if you find yourself in this unfortunate situation.

You can register as a candidate here, or search for latest jobs in STEM here. Our consultants are available to help you and do not hesitate to contact us.

If you are unsure of your legal rights, you can always find useful information on the government website. Or you can seek legal advice from experts such as Gaby Hardwicke who are highly recommended. If you decide to set up your own business or start consulting you may need accountancy, payroll and tax advice and  we recommend our accounting partner McPhersons in Bexhill.