2020 is one of the hardest years yet when it comes to the employment rate, with the rapid decline in jobs lost, the wellbeing of our community members is most important. The choice of reducing staff is never an easy one, for some employers it’s a very personal decision. The context in which many businesses have chosen to make structural changes contributes to a variety of factors. The market and economic conditions saw employers adapting and making quick but fundamental decisions to see their business survive the pandemic and remain competitive and viable.
In a market that is so unpredictable how do you stay employed?
One aspect you can assess and become aware of is the internal process that is occurring within your current organisation. The key changes to notice: the profitability of the organisation? Is your organisation merging with another or downsizing?
How can you as an employee up skill your skills and become valuable to your organisation? They key is to have a plan to educated yourself in the company’s internal processes and become a key person in the fundamentals of the organisation.
On a personal level, being made redundant can deliver a serious blow to an individuals self-esteem and confidence, not too mention financially, the effects of having no income or moving to a one income household. Being flexible is vital when seeking opportunities in the market and coping with change, as we have heard it’s the jobs that are redundant not the people. Stay open minded, prepare / update your resume and various social media websites. Once a redundancy, occurs it is important to become active on social media. LinkedIn is a great platform to connect with hiring managers and build a network. Another avenue is seeking the advice of recruitment agency recruiters; they are the key to understanding the market and could be the vital component you need in securing your next opportunity.
If you’ve been working in an organisation for sometime, it can be a daunting experience returning to the market. An even more challenging aspect is understanding where your skills lie and how to link them to the current vacancies. Short-term opportunities or project work can help you seize opportunities you may have not previously considered. Increase your skill set and open yourself to the market.
Prior to COVID- 19, 26% of Australians have had their role made redundant at some point in their working lives.
More than half the population (58%) either knew someone who has been through a redundancy, or had been made redundant themselves. In April 2020, there were more than 595,000 people who lost their jobs due to the pandemic. As estimated by the Australian Bureau of Statistics, another 228,000 individuals lost their jobs in May 2020. Although we are seeing a slight shift in the market as I write this, the unemployment levels are still extremely high.
The most important thing is to keep your head up. In a 2020 market, you cannot foresee the trends that are occurring but you can control how you react to the situation. Be proactive, have a plan and understand what is happening with your employer and business in the current business climate.