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Being made redundant for the first time

 
#1 Being made redundant for the first time
01/05/2012 10:48

a07

Background - I worked for an IT services firm for 3 years before moving across to the big4. After spending a year at the big4, I moved across to industry as I felt it wasn't for me.

To be fair I absolutely loved my new job (service improvement), however yesterday my team got the news we are at risk and as the company is so small (400 people) the likelihood is that I will be made redundant.

I've been working continuously for the past 7 years, and for this firm for the last 9 months so it come has come as a bit of a shock.

Just wondering what to do next, am not sure a move back to consulting is for me. Could anyone provide any pointers around how the contracting scene is looking?

I'm currently on gardening leave and will be paid for the next 3 months so have spruced up my CV and am ready to go. Although a bit overwhelmed by the whole experience ....

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#2 RE: Being made redundant for the first time
01/05/2012 12:22

Mr Cool to a07 (#1)

Contract scene for experienced quality contractors is strong, particularly at the senior end of business change, but the volume of opportunities for lower level positions is down particularly in tech and outside of fin svcs. There are of course hot-skills that are always in demand.

Without wishing to cast aspersions, the main challenge you will have is convincing people that you are not just “filling in” until a perm job comes up. People now expect contractors to treat their choice as a long term career. The market is awash with recently redundant (through absolutely no fault of their own) perms who are understandably considering other options.

Best of luck though - you're doing the right thing and thinking about things early.

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#3 RE: Being made redundant for the first time
01/05/2012 12:40

a07 to Mr Cool (#2)

Thanks for the advice mr cool.

At the moment industry perm jobs is where my heart is set but will have to see how things pan out over the next couple of months.

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#4 RE: Being made redundant for the first time
14/05/2012 16:43

a07 to Mr Cool (#2)

Thought an update would be relevant here, as I'd like some advice.

Am currently looking at both contract and perm opportunities. For contract roles the figures being bashed about are around £325-£375 a day. Any idea whether that sounds right?

Bearing in mind my experience has been in IT consulting (feasibility, transition and PMO) then followed by some Big4 FS Programme and Transition Assurance (Internal Audit) and finally a year in FS (Inhouse) doing CIO Service Improvement and Assurance.

Any guidance appreciated.

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#5 RE: Being made redundant for the first time
14/05/2012 16:57

Camster to a07 (#4)

Hi a07,

Not too sure about UK rates, but with the UK technically back in recession, I expect rates to be lower to reflect this. Have you considered an overseas contract? I am exploring this bit and have to say that there are some interesting opportunities out there (though I do TMT/strategy).

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#6 RE: Being made redundant for the first time
15/05/2012 08:24

Mr Cool to a07 (#4)

Impossible to say without knowing the role, the industry and the geography.

An FS PMO in Scotland could be 300 a day for example. The same job in London would be more like 500. A non-FS IT PM in Cardiff will not be the same as a Business change PM in Leeds.

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#7 RE: Being made redundant for the first time
15/05/2012 11:25

a07 to Mr Cool (#6)

Yes you are right Mr Cool I should have been more specific. I am only looking for roles in London.

One is Non FS - Workstream PM (looking for experience in Assurance, Change and PM)

The other is FS - QA (Service Improvement rather than testing for a large bank)

Both at 375 p/d .

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#8 RE: Being made redundant for the first time
15/05/2012 11:30

a07 to Camster (#5)

Thanks Camster yes I've seen a couple of things in my arena but on the perm side abroad.

Ideally I'd like to stay in London as I'm just in the process of completing on my first home, although if there is an opportunity attractive enough I would consider moving.

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#9 RE: Being made redundant for the first time
15/05/2012 14:46

Mr Cool to a07 (#7)

For both roles the rate sounds a little on the low side, but not ridiculously so. I’m afraid many organisations are adopting a deliberate approach of forcing down day rates on their ads and seeing what they get in terms of applications. In many cases they are getting an acceptable level of apps from out of work contractors, so rates are dropping. I’m in a long term deal at the mo, but if I was forced into the open market I would not be surprised if I had to take a 10%-20% cut on my current rate. That said, if I was going to an ex-client or someone that knew me then I’d be confident of maintaining my rate. Bottom line is that customers will pay for known-performers, but open market rates are on their way down.

Its all a question of arithmetic. If you turn down a 12 month contract at 375, then you need to get a 425 one within a month, to make up the lost months income.

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#10 RE: Being made redundant for the first time
07/08/2012 10:46

a07 to Mr Cool (#9)

Update: Well it's been just over 3 months now and I've had one phone interview for a perm consultancy role that went nowhere, and one face to face (for a contract) in FS that I awaiting to hear back on.

The market seems pretty slow at the moment although saying that I have spent a considerable amount of time sorting out my CV and social network profiles, which has resulted in numerous recruiter calls and my CV being forwarded to high heaven and back!

I have also been thinking outside of the box and set up a small family business (property sales/lettings/management) to build over the coming months and years.

Hoping there is an upturn in the market post Olympics .... those made redundant with me are yet to gain new roles in the open market too so guess it's common .....

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#11 RE: Being made redundant for the first time
08/08/2012 10:14

Tony Restell (Top-Consultant.com) to a07 (#10)

The latest data released this morning by KPMG + REC shows that the UK hiring market is soft right now. See:

http://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=9936

Certainly within UK consulting a lot of the firms have essentially put a hold on interviewing / hiring activity for the duration of the Olympics, as their offices are caught up in the Olympics area (think Tower Bridge area and the like). Having encouraged staff to work at client site or at home over this period, they're not in a position to progress interviews / conclude hiring decisions.

On a more positive note, we're not seeing any signs of consulting firms putting up the shutters and the repercussions of the ongoing Eurozone problems have so far been modest in terms of their impact on hiring.

Hope you have better success in the coming months.

Regards, Tony Restell

Founder, http://www.Social-Hire.com and http://www.Top-Consultant.com

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#12 RE: Being made redundant for the first time
23/08/2012 14:48

a07 to Tony Restell (Top-Consultant.com) (#11)

A further update had 5 interviews so far 3 perm in consulting and 2 contract roles in FS.

The hiring managers seem to be taking a lot longer over decisions, with 1 of the roles in consulting progressing to partner interview but as of yet having no confirmed date or time. The other two firms that interviewed me are prepping for work "in the pipeline" and are not actively recruiting ...... anyone else experienced this?

Conversely the two contract roles are holding back any feedback whatsoever.

Perhaps I'm not as good at interviewing as I thought lol!

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#13 RE: Being made redundant for the first time
23/08/2012 15:29

Mr Cool to a07 (#12)

I'm afraid getting little to no feedback from contract interviews is quite commonplace. I'd say about 50% of contract roles (at least) never actually happen, but equally they are are rarely formally shut down. The PSL/"auto-pilot" recruitment process that most big orgs use these days mean that you still see ads on job boards placed by second tier agencies that I know with inside knowledge have aleady been shut down at the hiring manager level. Frustrating!

Keep going - its all you can do.

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#14 RE: Being made redundant for the first time
26/08/2012 19:10

Babbleboss to Mr Cool (#13)

You are not alone. I know of one consultancy that is currently shaving off record numbers of staff following a re-org. The people snapping up the redundancy packages are the ones that get can get jobs quickly and do better. Shocked at some of the people they are letting go while the dead wood gets more entrenched. Not the best move by the company.

Some times redundancy can be the best thing. You get the chance for can for some bonus cash and a better job.

I would expect things to pick up in September - with August things are always slow. Try to snap up something quickly as after September things stall until February. Nov-January is the complete blackout zone.

Just get something - contract to see you through and drop your rates if you have to - come spring start looking for the right job during the hiring season.

Better to be redundant now than than in 3 months at the beginning of the dead zone...

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#15 RE: Being made redundant for the first time
29/08/2012 04:21

Camster to Babbleboss (#14)

@babbleboss,

I know! Not the best move indeed.

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#16 RE: Being made redundant for the first time
30/09/2012 19:53

a07 to Babbleboss (#14)

Well I've just landed a long term contract in industry around business process design. Thanks for the support and advice, as many are documenting its not an ideal market at the moment but there are jobs out there.

5 months later I'm back in employment having decided that of the consulting firms that did contact me I couldn't work for any , luckily I'm quite happy with the terms and duration of my new role.

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#17 RE: Being made redundant for the first time
06/02/2013 13:53

a07 to a07 (#16)

.

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#18 RE: Being made redundant for the first time
06/02/2013 13:54

a07 to a07 (#16)

Well it's happened again! Sort of anyway - had a contract till Dec of this year but the Programme I was working on has been pulled due to an acquisition and integration that takes precedence.

So currently on gardening leave (being a fixed term contractor I'm treated like a perm) and am trying to find an internal role albeit without much success at the mo.

Also tapping up the market which is eerily quiet.

Can't say the last 8 months has been fun losing my job twice!

On the brighter side I am working on numerous business ideas, however none that would pay the bills while I wait for them to grow or really take off.

Anyone else care to share their experiences?

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#19 RE: Being made redundant for the first time
13/02/2013 02:00

Camster to a07 (#18)

Hi a07,

The job market in the UK/EU is abysmal. I've been looking for a new role in industry for nigh on a year now, but to no avail.

Am seriously considering leaving (after this BR project). Then, look for a role in Asia/SEA. There seem to be some interesting opportunities out there.

Seriously considering it.....

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