How To Ride The Roller Coaster Of Redundancy
Redundancies…..a pretty hot topic and a cause for concern for many people and businesses right now. And we are hearing more and more stories of exceptional talent that put simply, just ‘can’t find any job….even if these candidates are applying for roles ‘beneath’ their skills and experience level.
Companies needing to make these calls don’t usually make these decisions lightly, as they know that often they have trained and developed these staff members during the course of their employment, which is a cost to their businesses both directly and indirectly.
These companies are also aware that if their businesses were to require staff in the near future, it will come at an additional price due to the recruitment costs associated with hiring supplementary employees, the training and development that it will take for these newly introduced employees to become integrated into their teams, with them taking time to learn new systems and ways of working (as happens in many new jobs), and additional infrastructure and equipment that might be required.
Redundancy Hits Families Hard
For the individuals, and their families, redundancies are taking a massive toll; not only on their personal finances but more-so on their self-confidence and self-belief, as they are now ‘joining the queue’ with the many others who have similar skills sets and experience and who are also vying for the same roles.
If families have not considered and taken a proactive approach to the ‘what if it ever happens to us’ scenario before being made redundant, financially many will find they will be doing it tough. There may be a need to sell personal items, even houses and cars etc just to get through the tough time.
We are hearing from candidates who are living out of their cars, and others sleeping on friends and families couches because they just simply can’t find another job.
The rollercoaster ride that is ‘redundancy’ does have some optimistic aspects to it; but unfortunately this may not be the case for everyone. Those aspects could include
– An ideal time for individuals to upskill or gain further qualifications for when the tide turns, and so that they may be better prepared for additional roles to what they may have held in the past
– Some ‘time out’…. In our industry in particular, those who have been in it a while know how cyclical it is and will always be. In that case, those who have been in similar situations previously will also consider that in the ‘down times’ you may be financially secure enough to yourself have some ‘down time’. For those considering families, this might be a great time to start. Again it might also be a good time to undertake that qualification, degree, training that you have been thinking about, but haven’t quite got around to doing. It might also include that trip around Australia or extended overseas holiday – which might lead to some type of employment in itself.
– If you have been made redundant and offered compensation from your company, you might be able to ensure some is paid off on your mortgage, credit card or car loan. Just be mindful to keep some as ‘savings’ in case of a rainy day.
For businesses that can afford to hire additional or complementary staff, now is an amazing time for you. With so much sought after talent around, there are exceptional candidates out there that you will be able to entice based on your operational needs, negotiate regarding salaries and pay rates, and quite possibly retain because of the current state of affairs.
Our clients are having huge success with these candidates because people are grateful for an opportunity knowing how many are also out of work, and because previously our clients weren’t able to attract such talent, but now can.
It may also be a great time to implement job share, part-time or contract labour to supplement your business and offer these experienced candidates a job, with minimum outlay to your bottom line.
So yes redundancy is tough – for not only the individuals that are the ones with no work but also their supportive partners and families. It is also tough on the businesses needing to take such action. But remember there is assistance out there, in many forms and you may need to learn to ‘reach out’ to these support services right now.
Dani established “THE resources HUB” (THErh) in 2012 as a careers, talent, recruitment, branding and training company dedicated to the resources industries including civil, construction, mining and oil and gas; herself having 21 years experience in living, working and recruiting in the sector. THE resources HUB can be found on Facebook, LinkedIn, Instagram and Twitter and our website www.therh.com.au or phone us on 08 9295 5722 or 0499 841 722
Dani Tamati: About Dani Tamati
MiningLink: The Resources Hub! Who we are and what we do?
Jobs and Services: The Resources Hub Recruitment and HR Capabilities
Government of Western Australia North Metropolitan TAFE: Get into Resources