There’s no doubt that the coming months will see an increase in redundancies and corporate restructures across Australia. We’re already witnessing companies in various sectors—retail, finance, technology, and even industries that seem to be booming—trimming their workforce. Unfortunately, no industry is immune.
As artificial intelligence and automation reshape workflows, businesses are adjusting their operations. Many are engaging in “light restructuring,” which might seem small on the surface but often results in significant changes to job roles or, worse, redundancy.
For many, this is a devastating reality. I’m already having conversations with senior executives who did not expect to be impacted but are now facing the possibility of job loss. Given the current economic climate, with low business and consumer confidence, job seekers are entering an incredibly tough market.
What to Do If You’re Facing Redundancy
Firstly, if you’re being made redundant, you might still have the opportunity to move within the organisation into another role. Often, companies will try to retain talent, but it may come with a compromise, such as a lesser position or a reduced salary package. While that might sound discouraging, in today’s market, accepting a compromise could be a wiser choice than leaving with a redundancy package.
If you do find yourself in this scenario, here are a few tips to manage the process:
- Negotiate the best possible exit: You might be able to negotiate for outplacement services, gardening leave, or an extended notice period. This can provide a valuable buffer while you search for your next role.
- Build a runway: The job market slows down significantly around the Christmas and New Year break, so securing as much time and support from your current employer is crucial.
- Seek guidance: Reach out to a career advisor or mentor who can help you strategise your next steps. Whether it’s tapping into your network or getting advice on pivoting to new industries, expert advice can make a huge difference.
Embrace the Gig Economy
Redundancy doesn’t mean the end of your career, but it may require some humility and adaptability. Senior executives I work with are taking six to eight months—and in some cases, up to a year—to find their next opportunity. During this time, it’s critical to keep income flowing, and this is where the gig economy comes in.
Here’s why the gig economy matters right now:
- Diverse income streams: If you have board seats, offer coaching or mentoring, or have a side business, these income streams can provide much-needed financial support while you search for your next senior role.
- No job is too small: If you need to drive for Uber, take on freelance work, or apply for temporary roles to keep your household running, don’t hesitate. We’re in a tough market, and sometimes that means doing whatever is necessary to stay afloat.
- Stay proactive: If you think you’re on a redundancy list, start activating your network now. Speak to headhunters, schedule interviews, and work quickly to secure new opportunities before the year ends.
Prepare for a Challenging Few Months
These are tough times, and unfortunately, redundancy can happen at the most inopportune moments. In the past, companies might have been more considerate with timing, but today, people are being let go even up to Christmas Eve. The reality is there’s no perfect timing in a climate like this.
I encourage anyone facing redundancy to avoid taking a lengthy break or hoping things will work themselves out. Now is the time to hustle, engage with your network, and be relentless in your search for the next role.
While the months ahead may be difficult, with the right strategies in place, you can navigate this challenging period and land on your feet.