The word ‘redundancy’ is enough to send shivers down the spine of the toughest and strongest of us all. It immediately conjures the feeling of rejection, loss of income, lack of self-worth and shatters the confidence that many have built over a lifetime of hard work, dedication and belief in our own professionalism.

Couple this with the words ‘credit crunch’, ‘economic crisis’ and ‘competitive job market’ and it’s not surprising that the UK as a whole is suffering a wave of depression. With unemployment in the UK soaring to the highest rate in over a decade and US jobless figures topping a 25-year high, the global recession is pushing thousands of job seekers on a weekly basis into an over-saturated market.

But fear not! There is a shining light at the end of a long dark tunnel; you are not on the scrap heap just yet! Redundancy can be used as an opportunity and as long as you remain positive, your next job is firmly within your reach. Now is the time to dust yourself off, rethink your CV and gain extra confidence with job interview coaching.

Don’t take it personally

The most important thing to remember about any redundancy situation is that it’s not your fault. It is your job that has been made redundant, not you. Redundancy is all about cost-saving. It’s about streamlining business processes to ensure that the company remains profitably operational and more often than not, it’s about looking at areas of a business that can be amalgamated or removed in an effort to save money.

Unfortunately, a workforce is often the highest cost centre of any business, no matter what the size. In the circumstance of total closure, or when alternative employment within the company is not available, then redundancy is of course inevitable. When a business ceases to exist then it goes without saying that there is no requirement or resource to support employment. Redundancy is a business decision, not a personal one.

Ask for help

Many employers are equally as devastated about the necessity of redundancies as the employee. Most want to help; they want to ensure that you are able to recover quickly and will put steps in place or will offer guidance to ensure this happens. An employer has many legal responsibilities when starting the redundancy consultation process including granting reasonable time off to attend interviews, as long as your length of service means that you are entitled to statutory redundancy pay.

Your employer may also help you with costs towards having your CV professionally written, recommending other local employment opportunities and sourcing relevant professionals that supply training. If you need help, then don’t be afraid to ask for it!

Financial Services CVs, coping with redundancy

Analyze yourself

Self-analysis is one of the hardest things to do, but it is also the most vital component of your job search. Following redundancy, it can be difficult to clearly focus on your core skills, achievements and competencies and yet it is this process that will ensure your personal success.

Self-analysis should consist of building skills and a competency matrix. Write down your key educational, general and transferable skills and then repeat this process by listing your primary achievements and contributions during the last 5 years of your career. Be sure to concentrate on those skills that have become second nature throughout your career in the forces and can be transferred to a commercial environment. Upon further investigation you will begin to build a picture of yourself that can then be eloquently portrayed within your CV.

The next stage of analysis is to consider your future career options. Upon building your matrix, think about whether you want to re-evaluate your options – are you seeking a total career change? Do you want to set up your own business? In which industries can you fully utilize your transferable skill set? Take the time to discover and evaluate your opportunities without jumping with desperation into the first position that presents itself.

Network, network, network

Many of us truly undervalue the power of our internal networks. Recent statistics show that the majority of vacancies are unadvertised and therefore it is vital that we fully investigate potential avenues of job search amongst people that we know. Family, friends, colleagues, clubs, professional memberships, online social networking, etc present a wealth of opportunities to demonstrate your skills and enquire about vacancies that may be available. Don’t be afraid to ask the question or market yourself in this way, you’ll be surprised at the results that this may achieve.

Find out how City CV’s job interview coaching and many other services can give you that extra edge to stand out from the rest and get yourself back in the job market. Call us on +44 20 7100 6656 for more information.