What to do if you are made redundant

The ANZ has plans to cut 3,500 workers this year, Westpac plans 1,500 redundancies, NAB will retrench 410, BHP will axe 750 in Queensland alone and Anglo American will lose 300 workers.

All up some 6,000 redundancies have been announced by large Australian companies in the past month, and most economic analysts are forecasting there will be more job losses to come.

We seem to be in that part of the tough economic cycle where many large Australian companies are planning large redundancies during the coming 12 months, raising the question of, “What should I do, if my job is on the line?”

The first step is just to pause and take stock of your personal and financial situation. It’s easy to overdramatise the situation, but most people find that when one door closes, another opens.

Importantly, don’t make any knee jerk decisions because you think you have run out of options. Breathe, take your time, reach out to community counselling services if you feel lost. Things are never as bad as they appear.

Next review your financial position. Do you have any pressing financial obligations such as a home loan or school fees? If so, contact the responsible person and explain the situation. Most financial situation will help you to sort out your financial position.

Again, without rushing into any decisions, review your overall financial position including your superannuation. If you are unsure what your options are, speak with a financial counsellor who are usually provided free of charge, by local councils.

If you have significant assets, find a caring financial planner who will map out your options and hopefully find a financial pathway for you until you reach retirement age and can fully access your super.

While it is reasonable to be upset by losing your job and for that despondency to last for several days or even weeks, don’t fall into the trap of being caught by hopelessness and despair.

There are lots of opportunities for you regardless of how old you are and there is financial support available for you even though it might seem very meagre. It will help to tie you over until your sort out your financial position.

Importantly never give up. There will be good days ahead. You just have to remain positive and work through each day as it comes.