Lost your job? Maybe it’s time to re-invent yourself

As redundancies rise and AI takes work, it can feel like a turbulent period to be in the jobs market. Instead, it might be the time to turn a long-held passion job into money-spinner.

Like many who worked in the travel industry during the COVID years, Anna Shannon found her job became redundant. Rather than wait for the industry to pick up again, she started working on a passion project.

Executive coach Mark Hodgson says he was grateful for the redundancy as it allowed him to re-think his career.

“I saw a way to combine my travel agent and marketing experience as a way to help an industry that was completely decimated at the time,” Shannon says.

She felt confident that when travel returned, millions of Aussies would be looking for new travel agents as many had gone out of business. She started her website Travel Agent Finder to help travellers find the right specialist and help agents revive their business.

“I knew there would be a gap in the market I could fill,” she said. “Realistically, I knew I’d make no money from it in the beginning, but that it would be a purpose-led project that would help thousands and eventually transition to income-generating business as people begin travelling again.”

It’s a similar story for Mark Hodgson, who was working for a large not-for-profit organisation in 2011 when he was made redundant after the company was restructured.

Building a sustainable business, especially one rooted in your passion, takes time.

Founder of Image Group International, Jon Michail

“They decided my role was no longer needed. I was frustrated, angry and betrayed. I think it was a bad decision, but it encouraged me to start my own executive coaching business,” he says.

“It took 18 to 24 months. I made a lot of mistakes and underestimated the challenges, [but] this now helps me to teach others how to avoid pitfalls.”

Hodgson admits the change was difficult.

“While I was in corporate world, I never did achieve the CEO role I wanted. But, as I near 60 years, I see endless possibilities and no limits to where I can go. I get to help great people to shine, which is very rewarding in every sense.”

He is grateful for the change in his career which affords him a lifestyle on his terms, something he says is in contrast with many older professionals who feel challenged at this age and fear redundancy and what’s next.

The looming threat of AI

Artificial intelligence could displace roughly 15 per cent of workers, or 400 million people, worldwide between 2016 and 2030, according to a McKinsey study, Future of Work and AI Automation released in 2018. Under the fastest scenario modelled, that figure rises to 30 per cent.

The Department of Employment and Workplace Relations reports that between January 1, 2023, and March 22, 2024, 33,925 redundant positions were reported to Services Australia by 554 businesses.

While Shannon expects AI will start to take some jobs in the travel agent industry, she believes there will always be a market, even if it’s just a small one “that will need the human touch and personalisation that a person provides”.

Personal branding expert Jon Michail said the loss of a job often served as the necessary push for many to pursue their entrepreneurial dreams.

”It’s important to understand that overnight success is a myth and building a sustainable business, especially one rooted in your passion, takes time,” he said. “Expect a marathon, not a sprint. Go for it and take calculated risks. Life is too short to ponder, what if?”

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