Facing redundancy

Facing redundancy can be tough, especially with the current job market fluctuations. As of July 2024, New Zealand's unemployment rate has risen to 4.3%, the highest since March 2021, while Australia's rate stands at 4.2%, the highest since November 2021. This rise is due to a cooling demand for workers and an influx of migrants filling previous labour gaps. With more people vying for fewer jobs, the job search can feel even more overwhelming (stats.govt) (NBR).
If you’re dealing with redundancy, here are some strategies to help you navigate this transition:

Know Your Rights and Benefits Understand your legal rights regarding redundancy. In New Zealand, employers must provide notice and redundancy compensation per your contract terms. You might also be eligible for financial support through programs like Jobseeker Support from Work and Income NZ. Check the Fair Work Act in Australia for details on entitlements and support.

1. Reflect and Reassess
   Use this time to rethink your career goals. Consider what aspects of your previous role you enjoyed and what you might want to change. This could be a chance to explore a new industry, upskill, or even start a business. The job market is competitive, but it also offers opportunities for those ready to adapt.
2. Upskill and Reskill
   Enhancing your skill set is essential in today’s economic climate. Look into online courses or certifications that are in demand. Improving your digital skills can be particularly beneficial, as many roles now require a strong grasp of technology.
3. Leverage Your Network
   Networking is a powerful tool for finding new job opportunities. Reach out to former colleagues, attend industry events, and engage with professional groups online. LinkedIn is great for connecting with recruiters and professionals who might know about job openings before they’re advertised.
4. Stay Positive and Persistent
   Redundancy can be emotionally challenging, but staying positive is crucial. Remember, this is a temporary setback, and with persistence, you can find a new opportunity that fits your goals. Consider talking to a career counsellor or joining a support group to stay motivated during your job search.
5. Consider Contract or Part-Time Work
   While looking for a full-time position, don’t overlook contract or part-time roles. These can provide income and valuable experience and may lead to permanent positions. Additionally, temporary roles can help you build connections in new industries and keep your resume active.

Redundancy, though challenging, can also be an opportunity for positive change. By understanding your rights, staying proactive, and leveraging available resources, you can turn this challenge into a chance for growth. The job market in New Zealand and Australia might be tightening, but with the right approach, you can navigate this period successfully and come out stronger.