What to do if you have been made redundant...
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Why REDUNDANCIES?
Redundancies, or layoffs, occur when a company decides to eliminate positions that are no longer necessary due to changes in the market, restructuring, or other reasons. This can have a significant impact on the individuals who lose their jobs, as well as the wider economy. In the tech industry, redundancies have been a persistent issue in recent years, with many companies facing the need to streamline their operations and reduce costs in a highly competitive market.
Still 0% unemployment?
Despite the redundancies, the tech industry continues to enjoy a 0% unemployment rate (or so the stats say), with many job opportunities available for skilled professionals. This is because the tech industry is one of the fastest-growing industries in the world, with a high demand for professionals who can keep up with the latest advancements and technologies.
The negatives of redundancies…
The impact of redundancies on the tech industry can be seen in several ways. Firstly, redundancies can lead to a decrease in consumer/business confidence, as people are less likely to invest in a company that is undergoing layoffs. Secondly, redundancies can also result in a loss of skilled talent, as experienced professionals who are laid off may choose to move to other industries or leave the workforce altogether.
Finally, redundancies can have a negative impact on employee morale and motivation, leading to a decrease in productivity and innovation. This can be especially true for tech companies, which often rely on the creativity and motivation of their employees to drive innovation and growth.
In conclusion, redundancies in the tech industry are a reality that must be faced and addressed. While the 0% unemployment rate in the tech industry is a positive sign of growth and opportunity, it is important to consider the impact that redundancies can have on individuals, companies, and the wider economy. To ensure the continued growth and success of the tech industry, it is essential to find ways to manage redundancies in a responsible and ethical manner
What can you do if you have been made redundant?
Most redundancies tend to happen at larger more corporate entities, working for one of these companies usually includes higher than average salaries and a list of perks that are unmatched by many. If you have been laid off, maybe it’s time to start considering being apart of something smaller, where you are more than a number.
Our 5 top tips if you have been made redundant are:
1 - Get your Linkedin updated right away. LinkedIn has become hugely powerful for employers and job seekers. Their open to work setting allows everyone to easily see that you are available. Don’t forget to fill out your skillset and job history, as it truly is an interactive and digital CV!
2 - Network and connect with people: Reach out to your network of colleagues, friends, and acquaintances. Let them know that you are looking for new opportunities and ask for their help in spreading the word. Attend industry events and conferences to meet new people and expand your network. You will be surprised how quickly this allows you to find new opportunities.
3 - During any downtime, brush up on your skills. In the fast moving tech industry there is always something to learn or brush up on. Willingness to adapt and learn are crucial when being looked at by a new employer!
4 - Be open to new opportunities: Don't limit yourself to the same type of title or business size you have been in before. Be open to new opportunities and consider roles that may not be an exact fit for your experience but can offer valuable growth and learning opportunities.
5 - Stay positive and motivated: Redundancy can be a challenging and emotional time, but it's important to stay positive and motivated. Keep yourself busy and focused on your goals, and remember that it's only a temporary setback. With persistence and determination, you will find a new opportunity that's even better than your last one. When we are so busy working, we can often forget to do the things that we enjoy, redundancy whilst not ideal is a perfect time to have some “you” time!