First things first – do not panic. In the current market redundancy is very common nowadays and particularly in the banking sector. There is no stigma attached to being made redundant and it should not affect your career development and options available to you.

Make the most of any resources offered to you by your employer but you also need to explore other sources.

You need to take immediate action:

  • Review your CV
  • Get in touch with a reputable recruitment consultant
  • Review your LinkedIn profile
  • Start exploring your own network of contacts
  • Get job hunting – consult online job boards – is the best one for Investment Banking opportunities and LinkedIn is a great job search resource
  • Do your research – assess which of your competitors might be interested in hearing about you – you can then either approach them directly yourself or work with your recruitment consultant to represent you.

Do not wait for the redundancy consultation period to go its course – act now! Once you are out of the office and at home the key is to make a plan and stick to it:

  • Allow yourself some time off to relax and take stock of what you would like to do next – but set a strict time frame
  • Approach your job search as if it were your fulltime job – get up every morning and WORK on it
  • Utilise your network – use LinkedIn to build your network and message relevant contacts. You can also send emails, make calls, and arrange virtual meetings or even a face to face coffee – find out what is going on out there in terms of job opportunities
  • Keep up to date with your sector and market – monitor newsfeeds, read the papers, check on-line, use your network
  • Work with a Recruitment Consultant – spend some time sourcing someone who specialises in your sector and build a relationship with them. Ask them about the market, your background, your prospects and how they can help you
  • Prepare fully for interviews – this is your opportunity to shine!
  • Be flexible – apply for all roles your skill set will fit. You do not have to take a job you do not want if it is offered but you do need to practice your interview skills, build your network and you never know where any meeting might lead

Consider consulting a professional careers adviser/coach to work with you to review your career to date and make plans for the future.  Take time to source someone who specialises in and understands your market.  This can be invaluable and not only help you decide what you would like your next move to be but also to devise a long-term career path that works for you.

Above all stay positive and keep working at it. Markets change as history has taught us and there will be a fabulous opportunity out there for you.

If you would like some tailored careers advice and guidance to support you please follow this link to find out more about how we can support you.

For more tips to help you in the current recovering recruitment market, please follow Alan Mitchell on LinkedIn.