How to organise your way through redundancy

From updating your CV and networking to managing your finances during the job search – here’s what you can focus on if you’re facing redundancy to help your career path and finances.

Facing redundancy can be an unsettling and stressful experience. But there are some things you can do to feel more empowered to manage both your career and finances during this period.

Update your CV and online profiles

• Highlight key achievements. Focus on your accomplishments and the value you brought to your previous role
• Tailor your CV. Customise the content for each job application to match the specific requirements of the role
• Fine-tune your professional summary. Include a concise professional summary at the top of your CV that highlights your skills, experience and career goals
• Update your profile on professional job sites. Ensure your profile is up to date with your latest job title, skills, responsibilities and achievements. Look for ways to increase your visibility such as interacting with other people's posts and writing your own

Expand your professional network

• Look for industry events. Participate in conferences, seminars and webinars related to your field. These events are good opportunities to meet potential employers and industry peers
• Join professional groups. Become a member of professional associations and online groups relevant to your industry. It could lead to discussions that give you a chance to share your talents
• Reach out to contacts. Inform your professional network about your job search. Personal recommendations could lead to job opportunities
• Use social media to connect with others and to stay updated on job openings

Think flexibly and boost your skills

While searching for a new full-time job, you might want to consider freelance work, part-time, contract or temporary roles just to keep things moving along. These options provide income and also valuable experience.

You could also use your redundancy period to enhance your skills in areas that could reflect well on your CV and help boost your confidence. Try online courses to learn new skills or improve existing ones.

Review your finances

Redundancy can have a significant impact on your finances. Here are some steps to help you manage your money during this period:

• Review your budget. Prioritise essential costs, such as housing, utilities and groceries
• If you have an emergency fund, use it wisely if you’re covering essential expenses. Avoid dipping into long-term savings or retirement funds if possible
• Consider speaking to a financial adviser to help you navigate this period. They could provide guidance on managing your finances and planning for the future
• You may be eligible for redundancy pay, jobseeker’s allowance or other benefits. Check with your employer and local government services to understand your entitlements

Keep a positive mindset

Staying positive can be hard at a time when your source of income has been upended. You could stay on track by setting short-term and long-term career goals, which can give you a sense of direction and purpose.

Maintaining a daily routine can also help you stay productive. Mark out periods during the day for job applications, networking and skill development. Your wellbeing is important, too, both mental and physical. Spend time outdoors, stay in touch with friends and spend time on yourself.

Redundancy is not ideal, but by taking proactive steps, you can manage your career and finances effectively, steering a way through this transition into a new career stage.

To support customers with actioning their budgets, Chase lets you set up multiple current accounts, up to 20 in total. Since you can spend from these directly, they might help you track your spending throughout the month.

18+, UK residents.

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Disclaimer: The Hub is intended as a knowledge portal to provide information on a range of topics, including financial products. Articles may reference products and services that Chase UK does not currently offer. This article is for information only and does not constitute financial advice.