Facing Life After Redundancy

An unexpected redundancy is an adverse event in your life that could potentially threaten your financial and emotional wellbeing either short term or long term. Globally Covid has been responsible for a very large number of redundancies. It has become a topic of much interest and discussion.

Our main message for you if this event happens, is to not panic or become despondent. Rather stay positive in attitude and keep your mind and your body active. Keep moving. Walk every day, exercise every day, plan out every day, keep your sense of humour and laugh a lot. Research shows laughter is the second biggest contributor to producing ‘happiness’ endorphins known. Music is the first.

A redundancy may seem daunting, but it will give you the opportunity to think without interruption about your future.

If you are facing a future after a redundancy, then our top tips are:

  • Stay close and connect with your family and friends.
  • Be flexible-think innovatively and be prepared to change and try something different, maybe something you have an interest in or are passionate about.
  • Assess your strengths. These are very likely to lead you to your future whatever that may be.
  • Do not see what has happened as a threat, instead become resilient and as soon as possible get back ‘onto you horse’ again and get going. Look for new opportunities.
  • Resilience is so important... the word is so important to all of us. It means the ability to recover from misfortune or illness quickly.
  • Consult a lawyer and ask some questions about your rights and entitlements. Your Employment Contract will determine whether or not you will be entitled to any redundancy payment.
  • Ask questions around your future income sources. Is that income coming from Government assistance such as a benefit, or new employment or as a self-employed business owner? Don’t be afraid to apply for a benefit. That is what they are designed for; to assist in a time of need. We are fortunate in this country to have them. Some countries do not.
  • Think positively towards the future. It is not the ‘end of the world’. The sun will rise again tomorrow.

If redundancy comes to you at the stage of your life when you are nearing retirement anyway, then hopefully you will have already begun to plan your life after working. Our book 65 Not Out is an ideal tool to give you first class assistance in addressing many of the issues you will face in retirement. The book has 9 steps including: The Transition Phase, Planning your Retirement, Health & Wellbeing, Money & Finances, Business Exit & Succession, Positive Attitude & Motivation, Utilising Technology, Planning Your Estate and Travel.

Click here to find out more.


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