Tackling redundancy and re entering a competitive job market

Redundancy can strike as a harsh blow, especially in a competitive market. There are roles out there and I am working on them, but there can be dozens of candidates competing for some spots. In seventeen years as a specialist recruiter I have taken many difficult phone calls from people who unexpectedly found themselves out of work. The first thing I tell them is that they have lost a job, not their skills, and that the market turns. It always has.

Understand the market first. The years of strong firm revenue growth produced inflated salaries as firms bid for talent from a thin pool, and retention pay rises on top. When the cycle turns and redundancies swell the pool, the tables turn with it and salary expectations from two years earlier need to soften. Law firms are the engine room of professional services BD and marketing recruitment. Once a couple of them hire aggressively again, the game of musical chairs starts and movement spreads across the market.

Keep calm and carry on. That means a systematic approach to the problem: accept what you cannot change, work hard on what you can. Worrying about the mortgage, what people think, or your former employer clouds your thinking and slows you down. Clear thinking is the asset you need most.

Embrace constructive self criticism. Some redundancies happen where you were a number and great people are let go. Some are just unfortunate. Quite often, though, people who are made redundant have become a little stale without noticing. Consider what you did well and can take to a new employer, and be honest about what you could sharpen. Work out what you are not good at and work on it. Work out what you are good at and build on it.

Reconsider the roadmap. Rather than climbing the next rung, consider a role at the same level or slightly below in a firm with a more sophisticated function, where you will learn. For senior people, dropping the team management and the title can mean a senior specialist role that still challenges you. I know former heads of function who are now senior managers, and very happy ones.

Revamp the CV so it leads with outcomes. Consider contract roles: in professional services most contract roles convert to permanent, and they are often passed over by candidates waiting for security. Stay informed and network properly, with people you do not know well, offering something in return. Avoid the gossip. LinkedIn is your workbook and contact list.

Be patient and be prepared, psychologically and financially, for six months out of work if you are mid to senior level. Do not fire your CV at every role you see, including ones several grades below yours. You will look desperate, you will be seen as a flight risk, and when the right role comes up at that firm it will be obvious you have been on the market a while. Keep the line open with your recruiter instead, because the proactive searches often start before a role is advertised.

Use the time. Courses, certifications and interview practice are undervalued, and I have run interview technique sessions for over a decade because they change outcomes. Treat the time as a chance to realign your career with what you actually want, and to look at avenues you had not considered. Redundancy in a tepid market is challenging. It is not insurmountable, and the people who use the time well come back stronger.