Redundancy can be a huge problem to deal with. Your job is a massive part of your well-being so you need to protect yourself. If you suddenly lose your source of income, it can be a huge detriment to your quality of life.
- struggle to pay your bills
- won’t be able to pay your mortgage
- need to drastically reduce your expenses
All of these factors added together can create a lot of stress. It can make it difficult to find a job and pivot your skills in order to stay afloat so you need to protect yourself.
However, redundancy doesn’t need to be such a huge scare. It doesn’t need to randomly happen and you can plan ahead for it as a worst-case scenario. In this informative article, we can take a look at eight ways to protect yourself against redundancy.
8 Ways to Protect Yourself From Redundancy
Are you currently dealing with redundancy in your workplace? Maybe you would like a way to counteract this issue. Here are some ways that you can protect yourself from redundancy.
1. Protect Yourself By Having Multiple Sources of Income
While it’s difficult to establish a second source of income, it’s completely possible if you spend just a few hours each week setting up a side hustle. Multiple sources of income can really help you protect yourself in the long run.
- use your existing skills to establish a freelancing gig
- consider writing about your profession for a website
- start your own side business as an Amazon seller or something similar
There are many different ways to set up a side hustle. Also, they can be incredibly lucrative in helping you obtain a bit of extra cash each week. Should you lose your job, you will have a back-up plan that can help you stay afloat. You will also get more money to save up so that you can stay healthy and stress-free. This can ultimately help you while you look for a new job.
In some cases, you could turn these side hustles into a full-time job! That is if you’re willing to go the extra mile. This is a fantastic way to ensure that you’ve always got another plan ready in the event that you are suddenly made redundant.
2. Have a Back-Up Plan In Order to Protect Yourself
Although alternate sources of income are fantastic for helping you save more money and stay afloat, it’s also important to have a back-up plan to protect yourself should you be made redundant out of the blue. This isn’t something that happens often. However, if you’re unprepared, it could be a devastating blow to your lifestyle. It can make it incredibly difficult for you to stay afloat and manage your finances.
A back-up plan usually consists of:
- a second job
- a favor that someone owes you
- a relative that has a job offer for you
There is no guarantee that you can receive these if you do not have a second job. But, they can be a great way to get started if you’re willing to seek alternative opportunities.
By having a back-up plan, you’re essentially setting yourself up so you can pivot your existing skills. A back-up plan doesn’t need to be elaborate or detailed; you just need a way to get back on track and start building up an income so you can sustain your lifestyle.
3. Never Stop Learning and Always Acquire New Skills
One of the best ways to ensure that you don’t become an expendable member of your team is to constantly learn new skills. This can offer you protection because that can benefit you in your workplace. For instance, if you’re working in an office, computer and IT skills are likely very important to your workplace. You will be noticed if you can fix basic issues and generally make your team more productive.
If you’re a customer support representative, then having good communication skills can help you stand out from your peers and could get you a promotion to a senior role.
Acquiring new skills is easy if you use online learning tools. However, you can also ask your employer to enroll you into different courses. This can give you certain qualifications and certifications that can greatly help with your skills.
4. Don’t Be Afraid to Switch Your Career Entirely
There are plenty of opportunities to study for an entirely different career path if you’re willing. There are courses such as Spring Arbor University online nursing that can be studied on the web to give you better job prospects for the future. This is especially useful if you feel that your current skill set is what’s causing you to become redundant.
For example, if your knowledge is limited to a certain type of technology that is being phased out, then it’ll be harder and harder to find work for your set of skills. By pivoting and studying something completely new, you can use foundational skills learned from your previous job to help land you in a better position in the future.
Switching your career entirely can offer some fantastic work opportunities. However, it’s important to be as open as possible to the idea of studying something completely new in order to protect yourself. It’s a gamble for many people to completely switch their career. But, it’s something that can work if you’re willing to put in the time and effort to do so. It’s also a great option if you’re tired of working in your current industry and want to chase your dreams or passions.
5. Network as Much as Possible While at Your Current Job
If you want to line up other potential avenues of work then it’s vital that you network as much as possible while you’re in a position to do so.
- connecting with different people
- going to networking events
- taking business cards from others.
This will help you get a better grasp of what options are available outside of your current workplace. It will help you establish connections with other businesses. You will make friends that can help you seek better opportunities should you be in danger of becoming redundant.
As you might know, your chances of finding work are greatly increased depending on the number of contacts you have. More contacts mean more people to introduce you to different working opportunities, so take advantage of your position now and get to know people in the industry.
6. Keep Your CV Updated as You Gain More Experience
Your CV or resume is one of the most important documents that can help you find work. By keeping it updated, you pose a much better chance of finding work in the future by simply handing it out or attaching it to cover letters when you apply for jobs.
However, a CV itself can often be time-consuming to write. You would need to add your new achievements and qualifications from when you last updated it. Make sure to keep it up-to-date by adding new achievements and qualifications as you go. Then, by the time you need it again, it’s ready to go and you don’t need to reflect back on several years worth of work.
Keeping an updated CV can help you protect yourself which ultimately means:
- You can quickly jump back into your job search without worrying about the quality of your CV.
- You will be able to search for jobs even while you’re working in your current place of employment.
This is especially important and useful if you’re tired of your current job. Or, if you’re looking for future employment opportunities that can help you achieve your goals and career of choice.
7. Protect Yourself By Being More Flexible with Salary Expectations
The job market is currently incredibly competitive.
For a multitude of reasons, it seems that there are far more people looking for work than there are jobs being created. This means that your salary could fluctuate a lot, especially if you’ve had a job for years and are suddenly looking for another one due to redundancy.
There are occasionally positions that pay well and allow you to make use of your skills. However, the reality is that most jobs will be fairly low-paying and you’ll need to climb back up the career ladder slowly.
As long as you’re flexible with your salary expectations, you’ll find that there are actually quite a lot of jobs available. Don’t just assume that your salary and skills will earn you the same amount of money as you earn now. You’ll likely need to just accept a lower-paying salary unless your role is in heavy demand.
8. Watch Out For The Signs of Redundancy
If you worry about redundancy, there are many signs to look out for in an effort to protect yourself.
For instance, you might suddenly:
- realize that there’s a lack of new recruits in the office
- see a lot of costs being cut and employees being fired for no real reason.
- see your workload is getting especially light
These are huge red flags to look out for. If you come into work and have very little to do, then there’s a good chance that someone has already taken over your duties.
Protect Yourself and Go Far
In short, make sure you watch out for the signs of redundancy in order to protect yourself. Make sure you’re always busy at work. Make sure the company itself is healthy and be aware when your business suddenly stops recruiting. By looking out for these signs, you can take the appropriate countermeasures to protect yourself. This can help you find a job before you’re fired from your current workplace.
Do you have countermeasures in place already to protect yourself from redundancy?
AUTHOR LaTia Longuemire
My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.