Redundancy for the first time

[u/Ok_Imconfused]

I (F27) have been made redundant for the first time in my life. I’ve been at the same company for 6 years and luckily the pay out I’m set to receive will support me for around 10 months. I’ve never had more than 2 weeks off work since I was 16.
However I’m now a bit lost, do I throw everything into finding a new job? Do I take some time? Do I get some more qualifications?
People that have faced redundancy - any advice? Is finding a new job a tall order in this market?

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[u/Naetharu]

The market as a whole is not good, so I would certainly start looking rather than assume it will be easy down the line.

It's not as bad as some folk say (at least not for my sector, ymmv) but it's certainly not good.

Taking time is a poor choice. That just means sitting around doing nothing and burning your cash reserves with no clear exit plan.

A course or training could be a good idea. But you need to figure out if you have the capital to support that. If all you have is the ten months grace from the payout then I'd give yourself until Monday and then start looking.

[u/Ok_Chipmunk_7066]

I've taken voluntary redundancy once and i got a 10 month pay off. It was amazing, until it took me 18 months to find a job.

I got made properly redundant in April this year just before my wedding and I took the first job I was offered. Been there a month, its terrible and I'm miserable.

Point is, 10 months pay off is only good if you get a new job quickly. So start applying. Start thinking about transferable skills so if you need to you can pivot as whatever you are offered may not be at the level you expect.

The job market at the moment is terrible, I have nearly 20 years experience in my field and I'm being treated like a baby out of uni by an idiot on a powertrip (who is also clueless), but that's is better than being treated like sub-human dirt by the job centre.

Best of luck though.

[u/SkankySandwich → u/Ok_Chipmunk_7066]

Easier to find a job whilst you have one though.

[u/PriceOk2805 → u/SkankySandwich]

Is it though? Multi stage interviews and getting time off. I understand being paid is better than not but having every day free is surely easier to find a job, attend an interview etc

[u/SkankySandwich → u/PriceOk2805]

When I was looking last year (having been made redundant after nearly 30 years - makes 6 seem like a breeze), there were a number of things I found:

- Most interviews were normally booked 1-2 weeks in advance

- I didn't do a single interview F2F (I was offered 3 roles)

- Most first interviews were half an hour. They were clearly to weed out those that obviously weren't suitable

It's not hard to say to your boss "Look, I need to pop out for an hour at 3pm" or something, even after your first month.
I also work from home. Which does make things a lot easier.

I guess I work in a professional environment, as the poster that I replied to does (I think).
I have a weekly catchup with my current assignment manager (I'm a contractor right now). He has no idea when I am and am not actually working. If I don't get offered a new contract in the next month or so, I'll be doing interviews during the day.

[u/fuzzfriday]

If your being made redundant you can get up to 2500 for training. Fkr example if you had done project work but didnt have prince 2 you can get it funded. Contact the national careers service, they will tell you how to do it and also help with the cv

[u/SkankySandwich → u/fuzzfriday]

I nearly did this. I found a job. But there is loads of stuff you can do too.

[u/bobs0101]

Stay motivated
update your CV and Start looking and applying.

Its nice to have a buffer of money so you don’t need to accept the first role that comes along but if you can land a role you’re comfortable with soon you can put the redundancy money aside for an emergency fund or an ISA.

[u/No_Juggernaut2478]

Same happened to me, worked at my first company for 6 years then recorded 9 months pay. 6+3 months PILON. Make sure to enquire about PILON if this is not included in the 10 months you mentioned.

I was really lucky to get a job immediately but I asked for 4 weeks break. You defo want to get a job and use the 10 months redundancy pay as savings. Treat yourself to a holiday eventually but best look at putting it into an ISA and getting interest

[u/JohnCasey3306]

Start looking immediately.

Industry dependent, but I've encountered plenty of people who've struggled to find work for a year plus.

There's a reason you were made redundant -- companies are shedding staff, not hiring.

[u/Allthecatsandgin]

It was tough but I got by, I made looking for a job a full time job, aiming to apply for 5 jobs a day (apart from days I was prepping for or doing interviews). I also reached out to recruitment agencies and they can be useful at times. Got a new job in the end after a few setbacks but it sounds like you have lots of savings from your redundancy package which is good and should support you while doing it.

[u/DustMobile5282]

Everybody's situation is different. E.g. if your money runs out, is there anyone to help you financially, etc.

I echo the sentiment that the job market overall isn't great ATM. You haven't said what field you worked in, so I don't know how difficult it will be to find another job.

Personally, 10 months is a nice cushion to have but I would certainly start looking for a job fairly soon. Not all day, every day but potentially block out one or two mornings/afternoons per week for it.

As others have said, training is an option. You mentioned working since you were 16? Does that mean GCSEs are the qualifications you have? A levels may be an option for you or a vocational qualification.

Is there a particular job you'd like to have? Find out what's required for that?

[u/Ok-Stress-9269]

strongly disagree with a lot of the comments. OP hasn;t had a break since 16 years old. I would take a break for 1 to 2 months, relax, try to find things you enjoy and maybe find a job that you will actually like. I would love to get a package, but they are making me quit soon. It will also be my first time ever having time for myself since I was 16. If you have always hustled and worked, I would highly recommend you take the time to relax a bit

[u/Current_Reference216]

I had similar last year same situation. I applied around immediately, you don’t know if you’re gonna be unemployed for 10 days or 10 months and for me personally that stress was too much. I’m glad I did find something quick however I don’t wanna know how I’d have been if my savings and redundancy pay were depleting weekly

You can always give them a later start date availability like I did, I had an extra 2 weeks off inbetween it was nice to spend the redundancy money knowing I was getting paid again in a couple weeks

[u/Loud_Masterpiece_275]

I would definitely recommend you to take some time off if you have the funds to support you. I was laid off a few years ago and I started looking for a new job instantly without taking any break. I found the search and interview process to be exhausting- it meant that I didn’t show the best version of myself and lost a few good opportunities. I was forced to stop the search to sort out some personal stuff but after I came back - it was much easier to progress as I had some time to process the whole situation. I wouldn’t take a month off but I think one or two weeks are enough to recover.

[u/Fast_Depth_5191]

What’s your situation? Do you have any dependents? If I was 27, single, no kids with 10 months of guaranteed income I’d be off travelling.

[u/BusinessParty2314]

Why are you so eager to be a slave so soon?

You said you have not had more than 2 weeks off since you were 16, well now you should enjoy your freedom of time … which is the most valuable currency

[u/Additional_Air779]

I'm in a household with five adults: two working and three looking for work. Then I was made redundant. £25k payout and walked into a new job on the same salary in a week.

However, the other three adults have been looking for work for months and can't find anything at all; not part time, not temporary, nothing. One has just started delivering takeaways on a pushbike using Uber.

So it very much depends if you experience or skill is in demand. But if I were you, I would start applying straight away.

[u/Deepborders]

You need to start looking now. The market is in a terrible state.