Coping With Redundancy and the Future
- By Roberta Maginnis
- Published 12/29/2011
- Self Help
- Unrated
Roberta Maginnis
New Mum and Entrepreneur. 10 years Financial, Sales and Self-development Coaching experience. I was made redundant but moved forward starting my life long dream of owning my own Business. My vision is to help 500 people by 2015 change their circumstances- http://www.businesswealthwithroberta.com
View all articles by Roberta Maginnis
When you are made Redundant there are a wave of emotions that rush through your body.
• Anger
• Fear
• Tearful emotion
• Sense of Shame
• Anxiousness
• Panic
Everyone is different and will react differently to something like this but it can resemble the same emotional breakdown as bereavement and the consequences cannot be under estimated.
Most people have had no experience of how to handle redundancy however in a few years time there will be a vast portion of the population who will have. This is the unfortunate reality of our time.
I was recently made redundant after 10 years in the Financial Industry at a relatively senior management level so I have some first hand experience of the distress this brings. At the time I was also 4 months pregnant so you can imagine my sheer panic. I felt my world was crumbling around me.
I travelled quite a bit with my job and I was usually away from home 12-14 hours each day. If I was home earlier I would be on the lap top doing work at home. I put everything into it and always have done. That’s just the type of person I am.
I found I went through stages which were as follows –
1. Shock – I had no idea it would come to this.
2. Anger – I hated the business for putting me in this situation with a baby on the way
3. Denial – we still had a good 4 months to work so I started to go into denial and worked as normal as if nothing was going on despite the fact I was working on closing the business.
4. Panic – when the 4 months were up I began to panic because I had no idea where my next job was going to come from especially as the Financial Industry was in turmoil.
5. Acceptance – eventually I accepted the fact that I had to start planning and preparing myself for a new job
6. Moved on – I set out my goals and a plan of action and took action.
Not everyone goes through this process or do they go through it in this order but I wanted to show you my real life example as opposed to theory.
A few initial steps you will need to take are –
1. Look at your current outgoings on a monthly basis
2. Break them into categories eg utility bills, grocery shopping, credit cards, loans, eating out, entertainment etc
3. Review where you can cut back and do it immediately. It’s easier to set payments up again when you are back in work than it is to spend the money now you might not have.
4. Evaluate your savings and other wages coming in and how long you could survive without your job – this will help with timescales.
5. Brainstorm jobs you would like and then jobs you would do and research these on job sites to see what is available
6. Then you are ready to prepare your CV, interview techniques etc and take action
I have an Interesting and possibly controversial View
Along the way I had to help my team to cope with the news and I think this also helped me move quite quickly through the last 3 stages. When I had my one to one conversations with my direct reports I started to find positives to this situation. I hear your scepticism but it is true.
My view is influenced by Stephen R. Covey
If you worked for an organisation I am sure you will have heard about ‘The 7 Habits of Highly Effective People’ by Stephen R. Covey. You may even have heard about the 8th Habit but if you haven’t get access to it (you could probably find it as an ebook or audio download).
Stephen R. Covey talks about how to move from Effectiveness to Greatness in this powerful habit and here it is
‘Find your Voice and Inspire Others to Find theirs’.
I am going to ask you some questions and I want you to a
nswer them honestly. Did you ever feel any of the following in your job –
1. Bored and in a rut
2. Not fulfilling your potential
3. You were not using your talents
4. You worked hard but just couldn’t seem to move forward in your career
5. Pressure to produce results that someone else set
6. There was something missing in your work life – an emptiness and lack of passion
7. The organisation was full of politics and hierarchy
You will find you probably felt at least some if not all of these. Remember life is a mission not a career.
Stephen R. Covey was dead right when he said we needed to review our purpose. Why is it that we do what we do? Why do we work where we work? Why do we work the hours we work? This is your opportunity to truly find your purpose. If you have never heard of Simon Sinek or heard his thinking on the concept of ‘Why’ then make sure you do. After being made redundant I found my ‘Why’ and my purpose. I had worked so hard for years, worked so many hours, rarely saw my family and I had no concept of what I was doing it all for. It certainly was not adding value to me or my family despite of being well paid. Quality of Life is so much more.
Then I stopped and looked at how I could start adding value, which is another part of the puzzle that Stephen R. Covey talks about. I then looked at what role or career I could pursue that would help me add value to me (educationally, health and wealth), to my family and also to others. This helped me build a vision and make a Difference. Not only that but I can now help others to find their Voice and purpose.
When I was talking to my direct reports we looked at the Redundancy as an opportunity. Some of them had always wanted to travel. One girl is going to Australia for a year. Some of them wanted to change career completely which some of them have done. Some wanted to be financial advisers which they now are and some wanted to start their own Businesses which they have done.
Think of what you have always wanted to do and look at your redundancy as an opportunity to review where you are with your career and start making choices. It could potentially be the kick start you needed to open the door to change.
Remember you are responsible for everything you were, everything you are and everything you will become.
For me it was a blessing in disguise. I wouldn’t have been able to do the hours or travel the way I used to with a small baby which would have limited me in my role. My daughter has become my focus and my ‘Why’ so one of my priorities is to make a better quality of life for me and my family which means not only earning money but also spending time with them. I now have my own business up and running which allows me to do all of these things.
Don’t misunderstand me.....it is going to be uncomfortable and changing is always hard but get yourself into the habit of learning something from every action you take here on in and see that as a step forward. Celebrate each small success. If you don’t get an interview seek feedback on your CV, if you get an interview and don’t get the job then get feedback and learn from your interview, if you want to start your own Business then ensure you educate yourself on what it will take.
If you would like to start your own Business but you don’t have the capital for a traditional Brick and Mortar Business then there are opportunities online – just be careful which one you choose and ensure it has a viable education program to help you get started and a viable compensation scheme and most of all that it will add value to others.
I hope you found this useful in some way and maybe helped you take charge of where you are in the process of coping with bad news. The one thing I would advise you to do after reviewing your finances and where you stand is to set out your goals for the next 5 years and where you want to be. Then set out your milestones on how to get there. Now there is nothing left but to take action.
I wish you every success for the future.
• Anger
• Fear
• Tearful emotion
• Sense of Shame
• Anxiousness
• Panic
Everyone is different and will react differently to something like this but it can resemble the same emotional breakdown as bereavement and the consequences cannot be under estimated.
Most people have had no experience of how to handle redundancy however in a few years time there will be a vast portion of the population who will have. This is the unfortunate reality of our time.
I was recently made redundant after 10 years in the Financial Industry at a relatively senior management level so I have some first hand experience of the distress this brings. At the time I was also 4 months pregnant so you can imagine my sheer panic. I felt my world was crumbling around me.
I travelled quite a bit with my job and I was usually away from home 12-14 hours each day. If I was home earlier I would be on the lap top doing work at home. I put everything into it and always have done. That’s just the type of person I am.
I found I went through stages which were as follows –
1. Shock – I had no idea it would come to this.
2. Anger – I hated the business for putting me in this situation with a baby on the way
3. Denial – we still had a good 4 months to work so I started to go into denial and worked as normal as if nothing was going on despite the fact I was working on closing the business.
4. Panic – when the 4 months were up I began to panic because I had no idea where my next job was going to come from especially as the Financial Industry was in turmoil.
5. Acceptance – eventually I accepted the fact that I had to start planning and preparing myself for a new job
6. Moved on – I set out my goals and a plan of action and took action.
Not everyone goes through this process or do they go through it in this order but I wanted to show you my real life example as opposed to theory.
A few initial steps you will need to take are –
1. Look at your current outgoings on a monthly basis
2. Break them into categories eg utility bills, grocery shopping, credit cards, loans, eating out, entertainment etc
3. Review where you can cut back and do it immediately. It’s easier to set payments up again when you are back in work than it is to spend the money now you might not have.
4. Evaluate your savings and other wages coming in and how long you could survive without your job – this will help with timescales.
5. Brainstorm jobs you would like and then jobs you would do and research these on job sites to see what is available
6. Then you are ready to prepare your CV, interview techniques etc and take action
I have an Interesting and possibly controversial View
Along the way I had to help my team to cope with the news and I think this also helped me move quite quickly through the last 3 stages. When I had my one to one conversations with my direct reports I started to find positives to this situation. I hear your scepticism but it is true.
My view is influenced by Stephen R. Covey
If you worked for an organisation I am sure you will have heard about ‘The 7 Habits of Highly Effective People’ by Stephen R. Covey. You may even have heard about the 8th Habit but if you haven’t get access to it (you could probably find it as an ebook or audio download).
Stephen R. Covey talks about how to move from Effectiveness to Greatness in this powerful habit and here it is
‘Find your Voice and Inspire Others to Find theirs’.
I am going to ask you some questions and I want you to a
1. Bored and in a rut
2. Not fulfilling your potential
3. You were not using your talents
4. You worked hard but just couldn’t seem to move forward in your career
5. Pressure to produce results that someone else set
6. There was something missing in your work life – an emptiness and lack of passion
7. The organisation was full of politics and hierarchy
You will find you probably felt at least some if not all of these. Remember life is a mission not a career.
Stephen R. Covey was dead right when he said we needed to review our purpose. Why is it that we do what we do? Why do we work where we work? Why do we work the hours we work? This is your opportunity to truly find your purpose. If you have never heard of Simon Sinek or heard his thinking on the concept of ‘Why’ then make sure you do. After being made redundant I found my ‘Why’ and my purpose. I had worked so hard for years, worked so many hours, rarely saw my family and I had no concept of what I was doing it all for. It certainly was not adding value to me or my family despite of being well paid. Quality of Life is so much more.
Then I stopped and looked at how I could start adding value, which is another part of the puzzle that Stephen R. Covey talks about. I then looked at what role or career I could pursue that would help me add value to me (educationally, health and wealth), to my family and also to others. This helped me build a vision and make a Difference. Not only that but I can now help others to find their Voice and purpose.
When I was talking to my direct reports we looked at the Redundancy as an opportunity. Some of them had always wanted to travel. One girl is going to Australia for a year. Some of them wanted to change career completely which some of them have done. Some wanted to be financial advisers which they now are and some wanted to start their own Businesses which they have done.
Think of what you have always wanted to do and look at your redundancy as an opportunity to review where you are with your career and start making choices. It could potentially be the kick start you needed to open the door to change.
Remember you are responsible for everything you were, everything you are and everything you will become.
For me it was a blessing in disguise. I wouldn’t have been able to do the hours or travel the way I used to with a small baby which would have limited me in my role. My daughter has become my focus and my ‘Why’ so one of my priorities is to make a better quality of life for me and my family which means not only earning money but also spending time with them. I now have my own business up and running which allows me to do all of these things.
Don’t misunderstand me.....it is going to be uncomfortable and changing is always hard but get yourself into the habit of learning something from every action you take here on in and see that as a step forward. Celebrate each small success. If you don’t get an interview seek feedback on your CV, if you get an interview and don’t get the job then get feedback and learn from your interview, if you want to start your own Business then ensure you educate yourself on what it will take.
If you would like to start your own Business but you don’t have the capital for a traditional Brick and Mortar Business then there are opportunities online – just be careful which one you choose and ensure it has a viable education program to help you get started and a viable compensation scheme and most of all that it will add value to others.
I hope you found this useful in some way and maybe helped you take charge of where you are in the process of coping with bad news. The one thing I would advise you to do after reviewing your finances and where you stand is to set out your goals for the next 5 years and where you want to be. Then set out your milestones on how to get there. Now there is nothing left but to take action.
I wish you every success for the future.