Experts warn: prepare for possible redundancy as jobless rate rises

Workers are being advised to “up their game” amid fears the nation’s jobless rate will keep climbing. Here’s how to avoid being made redundant, and what to do if you lose your job.

Workers are being urged to prepare for possible redundancy, amid fears the nation’s jobless rate will continue to climb.

Building a strong professional network and increasing skill sets will help displaced workers to rebound quickly, say experts, who warn Australians should not become complacent about the risk of job cuts.

“I don’t want to frighten everybody but … if you feel that you need to up your (work) game, now would be the time to do it,’’ says Bridget Hogg, manager of Outplacement Adelaide and principal consultant at Development At Work Australia.

“No industry sector is entirely unaffected by redundancy, so you wouldn’t want to be resting on your laurels thinking you will be fine.’’

Australia’s jobless rate is up, with workers urged to prepare for possible redundancy.

Holding on to your job

Australia’s jobless rate has increased to 4.2 per cent, latest figures show, after dropping to 30-year lows in July 2022.

The Reserve Bank is forecasting unemployment will rise further, with many companies slashing staff numbers to offset high operating costs.

Meeting performance targets must be a priority for those keen to keep their job, says Hogg, who advises upskilling in areas that allow workers to move up, or sideways, within their existing company should their current role no longer be required.

“It (skills development) is not always about plugging gaps. Sometimes it’s about building on your strengths,’’ she says.

“Be that one person that understands about IT in your non-IT role and become someone that the company really can’t do without.’’

Workers should also highlight their positive contributions, seek feedback on areas for improvement and get to know colleagues outside the workplace, Hogg says.

“If you’re not known then you’re unlikely to be missed (if your role is made redundant),’’ she says.

Recovering from retrenchment

Workers with a strong professional network that includes recruiters from their industry will likely bounce back more quickly if redundancy occurs, says Leah Mano, founder of jobs platform TYFU.

An up-to-date resume is vital for jobseekers, who should use volunteer work to gain skills and experience if they have been out of the workforce for some time, she says.

Mano recommends researching companies before attending job interviews and preparing “insightful’’ questions to show a knowledge of the business and its key people.

She also suggests candidates practise answering job interview questions, including why they left their previous role, with family and friends or Google’s free Interview Warmup tool.

“Rule number one is avoid speaking negatively about your previous company, boss or colleagues. The working world is surprisingly small and it won’t do you any favours,’’ Mano says.

“If you were made redundant, focus on the bigger picture, like the company has restructured due to market challenges or economic factors.

“If you were let go for other reasons, you can say there was a mismatch of expectations – keep it general and never make it personal.’’

Making it to the other side

Retrenched workers should be assigned an outplacement specialist to help find new employment, as well as provide emotional support, Hoggs says.

Most importantly, she says redundancy should not be taken personally.

“Redundancy is happening all the time to really great people and most people come through it great,’’ she says.

Those struggling to pay mortgages and other bills should speak to their financial institution about hardship assistance or call the National Debt Helpline on 1800 007 007.

Marketing professional Maryanne Evans believes the key to finding new work is to recognise it’s a “numbers game’’.

Numbers game

Spooked by redundancy rumours within her workplace, marketing professional Maryanne Evans moved to a new role last year. Her intuition was justified when the entire marketing team was let go on her final day of her old job.

When her new colleagues also started being retrenched, Evans took to working late nights, early mornings and even on a public holiday – all while planning her wedding – to shore up her position, which her employer promised was safe.

But three months later, while on honeymoon, she received an email announcing her termination.

“It wasn’t an actual redundancy because I’d only been there three months, they just ended things after my probation,’’ Evans says.

“When they promised my job was safe, I think they were trying to do the right thing and not worry me before my wedding but I just cried every day of my honeymoon.’’

Unable to afford mortgage repayments on only her husband’s salary, Evans sent out “a hundred’’ job applications and received five job offers.

Now happily – and securely – employed at a fintech company, she believes the key to finding new work is to recognise it’s a “numbers game’’.

“People will apply for just the one job, but you have to send out hundreds of resumes,’’ says Evans, who spent time crafting company-specific cover letters for the roles she was most interested in.

“I worked so hard and applied for so many jobs. I took the job I have now and I’ve been here six months and couldn’t be happier.’’