The surprising opportunities hidden in redundancy

Covid-19 saw high levels of redundancy in seemingly every industry across the globe. And while being made redundant can be crippling in both the best and worst cases, there are often some hidden opportunities that can be found (though they might be hard to see at first).

Redundancy doesn’t have to be the end of anything. While the impacts of being made redundant shouldn’t be ignored, it can also be a potential for career growth and progression. And while everyone is currently talking about the great resignation, people are still facing redundancy. If you’re someone who’s been made redundant, there are ways you can find the opportunities in this moment – especially within the tech industry. 

What to do if you’ve been made redundant

• Write up a redundancy plan 

While we might never see redundancies coming, we can plan for them if they arrive. The first thing anyone should do when facing redundancy is sit down and work out a solid plan that can move them through this hard time, with finances being the most important. Determine any redundancy pay outs, savings, upcoming bills and living expenses. See where you need to cut down, and try to remain calm. 

Getting a plan in place will help you navigate the hard times with (hopefully) a bit of security and confidence. It’s also a great idea to start looking around in the job market. Whether it’s in your current industry or you’re wanting to change industries entirely, become familiar with the movement of the job market. Are there a lot of job opportunities or are there slim pickings? If there are opportunities, it can be a great idea to begin applying for suitable ones. If it’s been a while since your last job hunt, getting some refreshed interview experience can be highly useful.

• Revisit your resume and get comfortable with networking

Most people only ever look at their resumes when they’re job hunting, but it’s important to continually update your resume at least once a year. If it’s been years since you’ve even looked at yours, don’t worry. Just take a look at where you last left it – or maybe even start a whole new one. Resume styles have changed over recent years, and potential employers no longer want to see pages and pages of overly detailed job experience dating back 10 years. 

So if you’re starting from scratch, give yourself two pages to work with. No more, no less. Add in any relevant qualifications you have, but don’t worry about including things like your birthday. Add any new skills you’ve learned, any necessary experiences you’ve gained, or certifications you might have done.

• Consider upskilling yourself

While redundancy might feel like the end of the world, it can also be a chance to try new things. Sometimes we become so used to doing the work we’ve always done, just because we’ve always done it, and it can be hard breaking free from that status quo. Being made redundant might be the most brutal way to get you out of your comfort zone, but it can lead to fantastic things and new opportunities. 

Many people find it to be the best time to upskill. Take a look at the things you really enjoy, whether it’s related to what you’ve been doing for work or not. Is there anything you’ve always had an interest in but have never been able to pursue due to your work? For all its negatives, redundancy can also provide a clean slate. Spend some time thinking about what your passions and interests are, and map out potential career trajectories from that. Then, once you’ve got a list narrowed down for potential careers you might like to go after, review your current skill set and determine whether there’s room for you to improve. 

For example, many of our graduate students have returned to the workforce after taking a break to raise a family. While redundancy is not the same thing, it’s similar in that the hiatus made these students question whether they still had the necessary skills to return to the work they were doing previously, or whether they should take the opportunity to upskill and learn something new. 

And if you’re really struggling to figure out what to do next – whether you’ve been made redundant or are just trying to forge a better career pathway – reach out to one of our course advisors to see if a career in tech would be right for you.