How Redundancy Can Lead to New Opportunities and Growth

The technology industry has been experiencing a wave of redundancies in recent times, as companies continue to navigate the ongoing impact of the COVID-19 pandemic and shift their priorities in response to changing market demands. This has resulted in many skilled tech workers facing the difficult reality of losing their jobs, which can be a stressful and uncertain time. However, it's important to note that redundancies can also offer new opportunities for individuals to pivot their careers, explore new industries, and pursue their passions in a different way. In this article, we'll explore the positive ways individuals can approach this change.

Losing one's job can be a tough experience, but looking back, many individuals realise that their redundancy was a turning point in their careers that led to something better. It compelled them to reassess their goals and encouraged them to find a more fitting job that played to their strengths, provided a healthier work environment, or offered improved career prospects.

Here are five tips for transforming your redundancy into a positive change:

Assess your options: Take advantage of this opportunity to discover new career paths that you may not have considered before. Make a list of your skills and experience and use them as search terms on job websites to find roles that align with your salary requirements. Don't be afraid to reach out to your network or consult a career coach for suggestions. You might find a new direction that suits you much better.

Flexibility is key: The pandemic has made many of us appreciate the benefits of remote work. Consider if you want to continue working from home or if you miss the social interactions and structure of an office environment. Many employers are now more open to flexible work arrangements, so think about what your ideal situation looks like and search for jobs that suit.

Entrepreneurship: If your redundancy settlement is substantial, it might be the push you need to start your own business. Use the funds to cover your start-up costs, as a financial buffer during the early stages, or to invest in a franchise. This could be your chance to unleash your entrepreneurial spirit.

Freelance career: Instead of seeking one full-time job, consider a freelance career that involves working for multiple employers. This could mean a couple of part-time or project-based roles that generate your main income, and others that align with your personal interests, such as consulting work, online tutoring, property rental, or volunteering.

Continuous learning: When you start your job search, you might realise that it's been a while since you pursued any professional development. Think about what interests you and would make you more attractive to employers. This could be a specific course, brushing up on soft skills, new software, or staying up-to-date on the latest advancements in your field. Pursuing in-demand skills, such as working with cutting-edge technology, will not only increase your salary potential but also broaden your job prospects.

If you have recently been made redundant and are looking for a new position please reach out to one of our specialist consultants and they can help you with the next step in your career.