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How to Handle Redundancy: Learning to Cope in Harsh Economic Times

While the U.S. may have been celebrating after lowering the nation’s unemployment rate to just 7.4%, July’s jobs report confirmed what economists have been saying for months about the labor market. More specifically, it was reported that the amount of part-time jobs created by the economy was three times higher than those offering full-time hours, which suggests that the current labor market is blighted by under-employment and inadequate hours of work.

Learning to Handle Redundancy: Rebounding in a Strained Economy

For anyone who has been made redundant from a well paid and stable position of employment, the current labor market must represent a difficult and unforgiving challenge. That said, it is important that you are able to rebound from adversity, and strive to prosper regardless of the wider economic climate. Consider the following: –

  • Secure a Viable Package of Financial Compensation: While redundancy can be devastating, it is important to be proactive and secure a viable package of financial compensation. The amount that you receive in severance pay may play a pivotal role in funding your lifestyle while you are unemployed, so you must strive to negotiate a competitive deal. Even though your pay-out will depend heavily on your years of service and contracted terms, it may be worth visiting to hire the services of a reputable attorney who can handle your case.
  • Learn how to Identify and Use Transferable Employment Skills: If you have been made redundant from a struggling market that you have considerable experience in, the chances are that you may find similar employment opportunities hard to come by. This may mean that you are forced to consider alternative industries as a source of short term work, and it is therefore important to identify and utilize any transferable skills that you may possess. Transferable skills are attributes that can be used across multiple industries, and by highlighting these on your resume you can instantly gain credibility in the eyes of potential employers.
  • Consider the Benefits of Freelancing and Independent Contracting: If you are struggling to find a traditional job role in the wake of redundancy, you would do well to recognize the changing nature of the modern workplace. With an estimated 33% of the U.S. workforce currently working independently, those of you with strong marketable skills may want to consider establishing yourselves as independent contractors. If you have experience in IT, web design or some other form of creative endeavour, freelancing can provide professional flexibility while also allowing you to rebuild your career in the wake of redundancy or an unexpected job loss.

The Last Word

If you have experienced redundancy, you may well feel that you are destined to spend a prolonged period of time out of work. This is not necessarily the case, however, as your ability to secure suitable financial compensation and redefine your appeal as an employee will help you make a seamless transition in the current employment market. It may even assist you in discovering new career opportunities, which may otherwise have remained distant and out of reach.

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