Managing job loss

The day you find out you're losing your job is a day filled with mixed emotions. Some people are ready for a change and see the immediate benefits, but for many, it's the beginning of an unknown and uncertain path. Don't be afraid to talk to people about it - losing a job is more common than you think and generally it is not a reflection of you. Those conversations could lead to career advice or even potential job opportunities. And talk to us - pick up the phone or pop into a branch. We're here to help.

Being kind to yourself is key

Remember that you are not the first or last person to lose a job. You need to work through the emotions and deal with the loss the best way for you. Self-care and getting the support you need is essential for your confidence and making new career plans. You may feel lonely, disconnected and even jealous of colleagues who remain in the organisation - but being honest with how you feel will help you deal with your situation and approach. Losing a job is a form of grief - and if you are struggling, talk to your GP for advice. Keep yourself busy. The prospect of job hunting will feel overwhelming, but be kind to yourself in the immediate aftermath and reach out to people for support. Talking is important.

Using your job loss to your advantage

Losing a job is confronting and you may not know how you'll react to the news. For some it's an immediate finish in the organisation, while others have to serve a notice period or take ‘gardening leave'. Be prepared if you're anticipating it - and if not, try to be calm and focused and use the time to ask questions to understand your entitlements and any outplacement services or other options available to you. If you've been given a notice period, consider how to utilise that additional income and time and consider talking to your employer about contracting your services - or is a part-time opportunity something that may work in your lifestyle? Are there other opportunities within the organisation? Ask for references if you're comfortable or if you need time to process, make a time to talk in a few days to discuss options.

Getting on top of your finances

It can be overwhelming receiving a lump sum payout if you are retrenched, but remember this money can help tide you over while you seek your next job. We're here to help you with everything from setting budgets, investment options, ways to funnel it into a business opportunity and financial advice that can help you prioritise and, where possible, pause debt repayments. Centrelink can also be a be a helpful service at this time, but there are waiting periods so reach out to them as soon as you have your redundancy paperwork. And don't forget to ensure your employer super contributions are up to date too.