Im redundant..now what

Discussion in 'Investment Strategy' started by sammmeee, 5th Nov, 2015.

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  1. MTR

    MTR Well-Known Member

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    Sammeeeeeeee

    There are some great redundancy stories here:).
    ....... and its all positive, getting made redundant can open your world, embrace it, step outside your comfort zone, you have nothing to lose, 6-9 months is a nice buffer.

    Most of us get stuck in the 9 to 5 would never pull the trigger because we are riddled with fear, what if this, what if that.

    Now you have a choice, just go for it

    MTR:)
     
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  2. bob shovel

    bob shovel Well-Known Member

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    I got pulled aside and promptly packed. Made it hard to copy files and emails with someone watching you!... Luckily I had planned ahead and already had the stuff I wanted! I did more planning for my exit than the whole company did as a business

    I made a punt to day bye to people, some I didn't want to anyway so the discreet option suited me
     
  3. Nimble

    Nimble Well-Known Member

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    I was made redundant last year and in the 1 month I had no work, I caught up on a lot of things I previously put off (like going to the dentist) and had a small holiday. During this month I still looked for work and after the small holiday I got really stuck into it.
     
  4. JesseT

    JesseT Well-Known Member

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    Enjoy the time off, redundancy was such a blessing in disguise for me, just like it is for most people.

    I got a lot of work done around the house, did a lot of fishing and camping and really had time to unwind and plan my future.
    It also forced me to move from PPOR which became IP1 and the package contributed to IP2. May have never started investing otherwise.

    It's so rare to have nothing to do with your time, do whatever makes you happy, make the most of it, you'll be flat out again before you know it!
     
  5. Bayview

    Bayview Well-Known Member

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    6-9 months of no work!!!???

    WTF??? How good is that?

    Buy a reno project (as Perthguy said) and do a 7.00-12.00pm day on that...or start earlier of you like...but knock off at midday.

    Arvo's are for recreation and relaxation....Gin and Tonic hour is 5.00-6.00pm....only two though; they can easily become four....or five.

    What a terrific year that would be.
     
    Last edited: 8th Nov, 2015
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  6. melbournian

    melbournian Well-Known Member

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    Without a full time job it would be hard to acquire a Reno project unless it was pre-existing one you have bought. I attempted to purchase a place with a 60% deposit upfront after I was made redundant however was kicked back asu needed payslips etc

    Also being involuntary and voluntary redundant has different taxation rates therefore I would take involuntary redundancy as it offers better taxation benefits.
     
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  7. JDP1

    JDP1 Well-Known Member

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    I'm a bit surprised here. Not one person has said anything about reflection, learning from mistakes, improving capabilities etc...
    Not saying redundancy is the person's fault ( doesn't matter who is at fault) , but the fact is that you are the one who now has to get something else..and not on your terms.
    Surely, that's a position most would want to avoid.
     
  8. bob shovel

    bob shovel Well-Known Member

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    I'm awesome and I continued to admire my reflection upon leaving! :p
    I was waiting for it or was going to leave anyway, that was my plan. So getting paid to leave is a nice bonus. And having a job in Sydney with travel of 15 Min you need to milk that!it wasn't my ideal job but you gotta weigh up the opportunities

    I could see the company wasn't winning work and there was no way I was moving to Melbourne to be a "company man" so I rode it out, bought and arranged stuff for a Reno at home! Work shouldn't be about work... Its working efficiently fulfilling your responsibilities then having side projects to complete that help your future
     
  9. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Redundancy is the role no longer existing, be that due to off shoring, project shut downs, role no longer not being required for instance.
    Sure everybody has learnings / mistakes. But I would think it's rare for a redundancy to happen due to "mistakes". Some people go do other certifications to improve qualifications.
    Others, get a wake up call / kick in the b.utt and make a decision to follow their dreams.
     
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  10. bob shovel

    bob shovel Well-Known Member

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    It is also a way to get rid of dead wood.

    Construction was great for avoiding redundancy payouts... "After this job the only project we have for you is in [insert place you don't want to go! ] "
     
  11. JDP1

    JDP1 Well-Known Member

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    Yeah, and that's the kinda stuff I'm referring to in terms of reflection: ie what could I have done NOT to be valued as 'dead wood' by the company. Not anyone's fault per se, but you are the end loser ( ie lost job).. And I would think that's the exact opposite of what you want.
     
  12. bob shovel

    bob shovel Well-Known Member

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    There probably isn't one answer. It's a multitude of things, the economy, the companies future, re structuring, new bosses changing things, work style clashes, not seeing eye to eye with people, boss is a dick,

    Like anything you need to plan and assess what's happening around you and your future and goals. don't sit back and be surprised you get the ass you need to be aware of what's happening and how to deal with it. It's a game of chess you and you need to look after yourself.

    "upskilling" etc can also price you out of a job depending your industry. If your demanding more and there's no more cash you could be tieing your own noose
     
  13. WattleIdo

    WattleIdo midas touch

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    I couldn't think of anything nicer than having 6-9 months pre-paid. In my books, you're very fortunate. The rest of it is just pride/face. You'll get over it when you realise that everyone is expendable.
     
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  14. JDP1

    JDP1 Well-Known Member

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    And what if it were much less than 6-9 months. The OP is lucky the company is generous with that...what if they were not?
     
  15. WattleIdo

    WattleIdo midas touch

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    Anything more than annual leave is blumin generous!
     
  16. bob shovel

    bob shovel Well-Known Member

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    There are minimums based on the time you've worked at the company. Plus company policies too
     
  17. melbournian

    melbournian Well-Known Member

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    It's no one fault really. Where i used to work, the chop and change like every 3-4 months and it's a global organization. My cousin used to work there too as a mobile research engineer. However back in 2007-08 when the iphone really took over the Australian market with smart phone capability, there wasn't much that could be done except retrench the whole R&D department. I remember on there was an annoucement for the R&D guys to come to the canteen. For some strange reason, i was also having coffee there. I remember they just said sorry guys, we don't have so much time for 1 on 1s, here's your package and if you need any clarification, please let us know. My cousin back then just had a baby and also was 2 year into mortgage for a townhouse in balwyn. So yeah he was stressed.

    The project i was working on was on the chopping blocks as well so there's when the redundancy was offered. Getting something else depends on your capabilities and of course confidence, i personally wasn't looking to get something else for about 1 year (looking more to travel and do other things) but jumped into a contracting role 1.5 months after due to being bored which were paying 1-1.2K per day so i basically nearly got 1 year payout (after tax) and into a contracting role. Maybe if i had a reno project at that time i probably wouldn't have gone out to the market. Even if i was offered a package now, i would take it.
     
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  18. Jkat

    Jkat Well-Known Member

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    Exactly right.. you weren't made redundant.. your position was.
     
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  19. JDP1

    JDP1 Well-Known Member

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    Nobody is saying it's anyone's fault.
    All I'm saying is that you don't want it to happen to you. There are usually things that the individual can do (in their control) that places them in a stronger position within the company, if not their immediate project.
    Transferring skills, identify opps, networking, negotiation etc all help.
    My suggestion is that this is what you should use the redundancy to highlight the things (as above) that could have resulted in you not being the one.
    That's how you learn and prevent such things from repeating.
    Some people I know in such positions go on vacations, P*iss it up at the bar etc..and don't learn anything from it...they dont think there is anything to learn from it and use the time between jobs in entirety to have a good time... And surprise surprise,it happens again...and they are none the wiser.
     
    Last edited: 9th Nov, 2015
  20. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Appears there is an assumption all people with roles made redundant don't have these skills? :eek: