Redundancy can be a huge setback for your self-esteem and make you feel unmotivated. However, it's important to understand that losing a job due to redundancy is completely out of your control. You must take advantage of the situation and the opportunities it brings, such as a change of career.
It is easy to rush into the first job you are being offered when you are unemployed, but taking the time to figure out what you want will help you stay focused throughout your job search. In the long run, being patient will be more beneficial than anything else, allowing you to land in a role where you are truly meant to be.
What should you do then to find a new job after being made redundant? The below steps are meant to help you through this job searching journey post redundancy. And if you are a compliance or legal professional looking to kickstart a new career in the space, connect with our compliance recruitment specialists here at Rutherford for a first confidential conversation.
Make the Most of Your “Down-Time”
It is important to make the most of the time you now have by becoming more appealing to possible employers.
Make an effort to be productive through learning new skills, attending courses and increasing your knowledge in broader fields. This will show future employers that you are willing to go above and beyond and have a hunger for knowledge. Furthermore, you will be able to demonstrate a capacity to learn and adapt to the potential growing and changing needs of a job.
Set Yourself Up for Success With a Career Plan
If you decide you like where your career is going and want to stay in a comparable field, you must be willing to put in a lot of effort into your job hunt - or better yet, contact Rutherford’s compliance recruitment consultants if you are in the regulatory space within financial services.
Approach your search as if it were a full-time job. In a competitive employment market, it is all about putting in the effort and being disciplined in your attitude. A steady schedule will give your day much-needed structure and by setting daily and weekly goals, it will also provide some diversity and keep you motivated to establish a clear and quiet work environment.
Consider Taking a Broader Approach to Your Post-redundancy Job Search
Examine your immediate and long-term career objectives. If you only look for jobs that are directly relevant to your skills, you may miss out on other opportunities. You can either think beyond the box and investigate new fields to determine whether they are a good fit for you, or you can also look into new sectors as the majority of your skills will most likely be transferable. For example, if you are looking for a compliance role within financial services and your background is mostly focused on traditional firms such as retail banks, asset managers and so on, you might want to consider new avenues such as crypto businesses, neo-banks or fintechs.
Broadening your job search approach will allow you to tap into a new market - and who knows, you might even find the role of your dreams by going beyond your usual criteria.
Network With Industry Professionals and Connect With Recruiters
This phase of redundancy could be an excellent opportunity to solicit assistance from contacts you have made over your career. That includes contacting headhunting experts - such as Rutherford’s compliance recruiters -, who have a large network and can be of great assistance in your employment quest.
You may also want to make the most out of available tools to help you be more visible to recruiters and potential employers. Start by adjusting the contact settings on your LinkedIn page so that your profile is completely visible to those you are connected with. You can also take advantage of different functions provided by the platform, from adding the “Open to Work” filter on your photo to adding a little sentence such as “Searching for a new opportunity” in your Header Title. Any recruiter - whether they are from the compliance recruitment space or from another field relevant to you - will be able to easily find you and assess if any of their roles would be a good fit based on your background.
Take Time to Polish Your CV
Searching for a role post-redundancy is also a great opportunity to go through your CV and update it, making it relevant to your recent role and showing how you have developed your skills then.
There are some basic elements to pay attention to when writing and reviewing a CV - from tailoring it to the job description provided to keeping it tidy and concise. Once you have reviewed your resume and updated it, our recommendation would be to send it off to a headhunter specialised in your area of expertise. If you happen to be in the legal or compliance sector, get in touch with our compliance recruitment professionals, and they will gladly take a look at your CV to give you some specific feedback.
Always Try to Remain Positive and Don’t Be Afraid to Speak to Others
Remember: when a firm makes massive redundancies, it is strictly a commercial decision. The business will most likely be in a precarious position when the only option to survive is to make drastic cuts in order to improve the bottom line.
In such a situation, try to remain as positive as possible. After all, this is not personal: it’s business. As simple as that. Don’t knock yourself up over it and try as much as you can to focus on the future and not the past. And if you know any other employee going through the same situation as you, reach out to them: going through redundancy together might help you in keeping motivated for the next steps.
Submitting a Job Application After Redundancy
Applying for new positions can seem really daunting, especially if it has been a while since you have been through a job search process. This is why reaching out for help from one of our compliance recruitment consultants could be a great path for you as every step of finding a new position can be made less overwhelming for you.
Every application should be treated as though it were the only one you are submitting whilst you will be submitting a number of applications in reality. There are a few things to bear in mind in order to prevent getting oneself into trouble:
If the application requires a cover letter, avoid writing too much about your experience - your CV should cover that.
Find out the name of whoever is responsible for the position in the department and connect with them on LinkedIn for maximum exposure.
Send a chase-up email. Be careful in your wording, you don’t want to come across as too pushy.
Be realistic, but persevere; the employment market is incredibly competitive, and you will not be successful with every application. Don't be discouraged by rejection; keep looking and committing to the job search; your efforts will be rewarded.
If you have been made redundant, keep in mind that this is a commercial decision: this is not by any means based on your skills or previous work for a firm. If such a thing happens to you, stay positive and see this as an opportunity to step into the role of your dreams. Surround yourself with the right people - from friends and family to trusted compliance recruitment consultants if you work in our space - and be ready to welcome the next stage in your career with open arms.