What happens when you receive your DCM? By Steve Marsten

It’s sad to see more people being laid off in Gladstone. I guess it’s the sign of the times and it highlights the ongoing issues in our local economy. Many workers are receiving redundancy payments for the first time and though this can help soften the blow of losing your job, it’s still a difficult time in everyone’s lives.

The key thing to be aware of is making sure you received all the money you were expecting and that it has been taxed correctly.

Determining what to do next or what to do with your redundancy package can be a bit of a minefield. Whatever you decide, don’t leave the lump sum in a bank account that doesn’t pay any interest. It’s important to actually have a plan for both your funds and your re-employment.

Be realistic about your future employment prospects. Many people make light of how easy it is to get a job again. Right now I think it’s harder to land a similar paying job and hence expectations need to be focused on the reality.

Once the redundancy is in your bank account – don’t think about holidays, new cars or home renovations. Prepare your financial plan for a 3 to 6 month layoff depending on your industry and willingness to travel. It’s time to focus on needs and cut wants. This is where your financial advisor can earn their money making sure that your funds last as long as possible.

It’s time to do a career check and upgrade your resume. A good resume gets you the ticket through the door. This will only get you to an interview – the rest is up to you. Do you need to upskill? Often there are government funded programs for retraining that are useful to look into.

Volunteering or joining a community group demonstrates you are active and expands your network, so it’s quite a good idea. I know many people who have actually gotten their next job by working in a community group. Often when you are out of work, it becomes more complicated the longer you are out of a job, and the harder it is to sell yourself to a prospective employer. Volunteering shows you are not one to sit around.

Being made redundant is not the time to sit in silence – especially in this current market, it is not like you are alone in searching for a job. As well as recruiters and job applications, social media such as LinkedIn, Twitter and Facebook provide important tools to connect to professionals that could be your next employer.

At Sothertons we have always assisted those who are facing redundancy to have a clear plan, both financial and job-ready. Call us for more information on 4972 1300.