No One is Immune Anymore!
Jun 04, 2024
No one is safe from:
- Being made redundant
- Being forced out
- Feeling their performance is not as it once was
- The looming fear of not knowing what’s next
It's the fear of being made redundant, and no one is immune. Not for your many years in the same company. Not for the newly assigned project. Not for the great results of your last project. Not for your good relationship with the boss.
It’s happening everywhere, and here is the data
After over a decade in the coaching and mentoring space, I am seeing a rise in redundancy, or fear of redundancy.
And the data support this too: In Australia. According to the Department of Employment and Workplace Relations, between January 1, 2023, and March 22, 2024, 33,925 redundant positions were reported to Services Australia by 554 businesses.
This alarming statistic underscores the broader wave of retrenchments sweeping through large corporations and government across the country.
Several high-profile companies have announced substantial job cuts over the past year:
❌ In February, KPMG revealed plans to reduce its workforce by 200.
❌ Australia Post followed suit, cutting 400 jobs.
❌ PwC recently announced a reduction of around 350 positions, including 37 partners.
❌ Recently, Telstra announced 2,800 job cuts by the end of the year, many in their Enterprise teams.
...and there are many more who could be added to this list.
Contractors have also taken a major hit over the past 12-18 months. Whilst there are no solid statistics on industry cuts, many contractors have been displaced.
❌ The Federal Government has pledged to deliver $1 billion in savings in the 2024-25 Budget by reducing spending on consultants, contractors, and labour hire.
❌ This includes cuts within the Australian Defense Department, which is set to remove 2,000 contractors, equivalent to one-fifth of its private workforce.
❌ In 2023, Services Australia terminated the services of 1,245 IT contractors.
These trends paint a stark picture of the challenges facing the Australian workforce.
As redundancies continue to rise and contractor roles diminish, the impact on employees, businesses, and the broader economy will continue to become significant.
In the US and Europe
The tech layoff wave is still going strong in 2024. Following significant workforce reductions in 2022 and 2023, this year has already seen 60,000 job cuts across 254 companies, according to the independent layoffs tracker (Layoffs.fyi). Companies like Tesla, Amazon, Google, TikTok, Snap, and Microsoft have conducted sizable layoffs in the first months of 2024.
Ok, so no one is safe; it’s happening, and some are closer to it than others. What to do?
The opposite of Redundant is not “having a job”. It is Being Relevant and Staying Relevant
The real question is: Are you relevant?
While being made redundant seems to be about cost-cutting and market conditions, that’s what it might look like on the surface. But in most cases, companies are laying off those who:
- Don’t fit the next strategic direction
- Their role and value are not clear or perceived as limited
- They are project-based
- Seen as overhead, and their job can be replaced by automation or AI or combined with someone else’s job.
- Their performance does not indicate potential.
Now, we know that change is constant and that those same organizations have funds waiting to be spent on innovation, AI, and many other change programs.
If that’s the case and you are a change or transformation leader/consultant/practitioner, then you have the highest chance of not being made redundant.
If you are subjected to Redundancy, your recovery runway should be short, and you will be back soon in a good, if not better, role.
So, how do you become relevant, not redundant?
This goes to the heart of staying relevant, being ahead of the curve, and future-proofing your career.
If you are made redundant, then you must recover quickly from setbacks and get back on the market with the potential to have a better role.
Introducing the Career Future Proofing Model for Change & Transformation Professionals. This model focuses on three critical pillars:
Positioning
Establish a clear and compelling value proposition that highlights your unique contributions and strengths. Ensure that your role aligns with the organization's strategic direction.
Presence
Build and maintain a strong professional presence that showcases your expertise and keeps you visible in your industry. This involves creating a compelling profile and consistently sharing your core insights and knowledge.
Potential
Continuously develop your potential by staying fit for the future, expanding your influence, and committing to intentional growth. This ensures you remain adaptable and prepared for emerging opportunities.
Take action and be my guest at the Relevant or Redundant Event
Join me on the 27th of June at 5 PM Sydney Time for a face-to-face event (that will also be live-streamed) focused on the topic of the hour and the looming fear of being made redundant. No one is safe from redundancy, but it is what you do to keep being relevant and stay ahead of the curve that matters.
I will share more about staying relevant so you can leave with actionable insights to maintain your relevance.
If you wish to take this further and get the full benefit and advantage, I will share more about the Career Future Proofing Group Coaching program at the end and offer you a thank-you gift for attending and being part of my event.
Attending the event will give you value and equip you with steps to stay ahead.
Register using the link below