Episode 29 - How to Deal with Losing Your Job, With Career Money Life CEO Sandy Hutchison
Are you one of the many people right now that has been made redundant? Or do you fear losing your job soon due to the pandemic and its repercussions? In this unprecedented, The Job Hunting Podcast has focused on interviewing experts to help you navigate the new world of work, the uncertainty in the market, and the scale and mass redundancies we are experiencing.
In this episode, I interview Sandy Hutchison, a Career Transition Specialist and the CEO and Founder of Career Money Life, a platform that supports mid- and large-scale redundancies in Australia, New Zealand, and Southeast Asia.
We start by discussing her career background and our own experiences with redundancy. We then discuss the sudden large-scale redundancies during COVID and how those on the receiving end feel them.
My company is a certified provider of Career Money Life. This means we completed a strict vetting process that included checks on our professional industry certifications, ACCC, ASIC, Scam Watch investigations, DIA and Commerce Commission Consumer Report, as well as social media and Google search reviews. And we were delighted to do so, which is good for you and us!
Key takeaways
Two factors that make redundancies now more severe are their scale and the pace. What we are experiencing right now is the pace and the scale of change that hasn't happened before in our lifetime.
Sadly, many organizations still need to make the tough call to let people go. The idea that we will turn the switch and go back to the way things were will not happen. I will be in a tougher job market. Organizations are being forced to pivot and think of ways to do things more effectively and technologically based.
Job seekers need to reskill and upskill and do that in areas where there's going to be demand.
Step by step - Get ready for the job market
Cover the basic stuff to be job-search ready: updated CV (boring is the new sexy), LinkedIn, prepare for video interviews, network.
Ask the bigger question: Who am I, and am I just going to go back to my old job? Or am I going to use this time to retrain and do something different, and what skills do I have, and how do I take those skills and transfer them?
If you don't have credentials, take a course to consolidate your experiences and learnings, for example, a project manager. This can be the thing that edges you into the "yes" pile rather than the "maybe" pile. But not just any random course. It would help if you were strategic about what's going to make sense for your career.
Redundancy across different generations
For people that have been redundant in their thirties, there's a lot more flexibility to pivot or transition into different areas. Also, they haven't been away from school that long that the prospect of going back to study isn't so daunting and foreign.
For those made redundant in their 50's, there's a lot more pressure in life. And sadly, there is still age discrimination. In your CV, don't put the years you graduated. You don't have to include every job you've ever had; leave off the early ones. Don't let them know how old you are because we know there's a lot of that discrimination out there.
Job hunt vs. open a business
If you would rather venture as an entrepreneur, Sandy's advice would be they need to take this, you know, incredibly seriously. Do the boring stuff like actually building a cash flow projection and building a detailed business plan and putting those numbers together and then cutting them in half and then taking that to five people you know that are super cynical and get them to review it. Then go out and talk to people to find out if they would buy your product.
Another option is to have the business on the side to slowly build up your confidence and make sure this is a viable product.
For some, short-term cash is significant. If you need to manage your cash and do things to get by while you look for your work, that's okay right now. Whether it's volunteering for medical studies or Uber driving.
Get visible on LinkedIn, contribute, and build your network right now.
If you can't find a job now, plan your time so that you can take time to do things you would have liked to have had done in your life. Are there things you want to learn or experience or people you want to reconnect with? Make sure you're doing those things so you're adding value to your life as a whole.
Transcript of this episode
About the Host
Hello, I’m Renata Bernarde, the Host of The Job Hunting Podcast. I’m also an executive coach, job hunting expert, and career strategist. I teach professionals (corporate, non-profit, and public) the steps and frameworks to help them find great jobs, change, and advance their careers with confidence and less stress.
If you are an ambitious professional who is keen to develop a robust career plan, if you are looking to find your next job or promotion, or if you want to keep a finger on the pulse of the job market so that when you are ready, and an opportunity arises, you can hit the ground running, then this podcast is for you.
In addition to The Job Hunting Podcast, , on my website, I have developed a range of courses and services for professionals in career or job transition. And, of course, I also coach private clients.
Contact Renata Bernarde
I’m determined to help you! I want you to feel empowered, nail your next job, and have the career you want.
My free resources for job hunters: The Optimized Job Search: Weekly Schedule & Masterclass.
Learn more about my services, courses, and group coaching: RenataBernarde.com