Experiencing redundancy can bring up difficult emotions. It’s also a chance to reflect, rebuild, and explore new possibilities. This information is designed to guide and support you through the transition, offering practical advice and support.
Understanding Redundancy
Redundancy happens when an employer reduces their workforce due to changes in business needs such as restructuring or downsizing. Being let go does not reflect your personal or professional value and is often due to factors beyond your control, such as economic downturns or company restructuring.
Feeling overwhelmed is normal. Take care of yourself with exercise, good nutrition, and enough sleep. Understand your redundancy package details, seek legal advice if needed, and check eligibility for unemployment benefits with Work and Income NZ (WINZ).
Acknowledge your emotions and discuss them with family, friends, or a counsellor available through Instep. Remember, redundancy can lead to new opportunities. Maintain a daily routine including job searching, skill development, and self-care activities.
Financial Planning During Redundancy
During redundancy, review your finances and create a budget. Prioritise essential expenses, minimise spending, and consider using a budgeting service. Explore financial support options such as government benefits. Seek advice from your bank on managing outstanding loans. Minimise unnecessary spending and consider part-time or contract work if finding a full-time position takes longer than expected
Moving Forward
Experiencing redundancy provides an opportunity to reassess your career goals. Set new goals for the future. Try to embrace the change and remain open to new opportunities and experiences. Stay connected with former colleagues and expand your professional network for new opportunities and support. Prioritise your well-being by relaxing, exercising, and engaging in enjoyable activities to navigate this transition better.
Click HERE to view and download our PDF on Redundancy, with more tips and tricks for continuing your career.
