There’s no doubt that the coming months are going to bring a significant increase in redundancies and corporate restructures across industries. I’m receiving a growing number of calls from senior executives who never expected to find themselves in this position. What’s clear is that no industry is immune from these changes. Even sectors that are currently booming are undergoing recalibration, with organisations trimming the fat and adjusting their workflows, often with the help of artificial intelligence.
Every organisation I’m aware of is engaging in some form of restructuring. Unfortunately, this comes at a time when the economy is sluggish, business confidence is low, and consumer confidence is even lower. All of this has a knock-on effect on the job market, and I believe we’re about to witness a significant wave of redundancies.
If You’re Facing Redundancy, What Should You Do?
If you find yourself on the receiving end of a redundancy notice, the first thing to remember is that sometimes organisations may offer you the opportunity to move into a different role. While this might involve a compromise, such as a lesser position or a reduced salary, it’s worth considering—especially in a tough job market. In my opinion, accepting a compromise to retain employment is often wiser than opting for a redundancy package when the market is not performing well.
If you do find yourself in a redundancy situation, it’s crucial to negotiate the best possible exit terms. This could include outplacement services, gardening leave, or a period where you remain employed while searching for your next role. Senior executives often see such arrangements, and it’s important to maximise your runway as we approach the Christmas and New Year period—a time when redundancies, unfortunately, can happen at the most inopportune times.
Get Ahead with the Right Support and Strategy
If redundancy is a real possibility for you, my strong advice is to engage with a career mentor or advisor as soon as possible. For example, you could book a session with me to explore the services we offer, which could be instrumental in helping you navigate this challenging period.
One of the most important things to consider is tapping into the gig economy. Senior job searches can take anywhere from 6 to 12 months, and in the meantime, it’s essential to maintain your income. Whether it’s taking on board roles, training, facilitation, mentoring, coaching, or even running a small side business, multiple income streams will be invaluable during this time.
If you’re facing financial uncertainty with limited income or savings, it’s time to be pragmatic. This might mean taking on roles that you wouldn’t normally consider, like driving for Uber, applying for welfare, or reaching out to friends, family, and colleagues for employment opportunities. In challenging times, it’s crucial to explore every avenue to get back on track.
The Importance of Acting Now
If you suspect that you might be on a redundancy list between now and Christmas, now is the time to act. Start talking to the right headhunters, actively seek out interviews, and do everything in your power to secure a new employment contract as quickly as possible. The next few months will be challenging, and it’s likely that some people will be caught off guard. I’ve already had some distressing conversations with individuals who have been released unexpectedly.
This is not the time to take a break and hope for the best. We are in difficult times, and securing your next opportunity will require hard work, strategic thinking, and a relentless hustle. The opportunities are out there, but you need to be smart, proactive, and willing to explore every option available to you.
