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Some actions you can take to increase your job security

Whilst redundancy is never within an individual’s power to avoid completely, here are some suggestions on ways to hopefully reduce its likelihood and prepare for it.

Be present, positive, and proactive: In recent years, employees have enjoyed favourable market conditions with talent shortages and high industry demand. However, as the market contracts, this will change. By actively contributing to the success and growth of your team and organisation, you position yourself as an essential asset.

Focus on billability: Put yourself forward to work on projects that are a priority for the organization, even if they may not align with your personal preferences. Being billable improves job security, as decisions regarding cost-cutting are typically based on revenue generation. Non-billable or strategic initiatives, while important in the long term, may not carry the same weight in terms of job security.

Seek feedback and take action: Regularly seek feedback from your superiors to understand how you can improve and align your work with the organisation's goals. Act on constructive feedback and demonstrate a willingness to grow and develop professionally.

Stay updated on your organisation's performance: Keeping abreast of your organisation's performance helps detect any events or signs that could increase the chance of redundancy. Being aware of financial underperformance, hiring freezes, loss of major tenders despite significant investments, strategic shifts, or restructures are clear warning signs.

Build your network at work: Developing connections across the organisation plays a crucial role in implementing the above strategies. Engage in office events and activities, showing genuine interest in different aspects of the business. Avoid sending excessive requests for catch-ups or emails, and instead focus on meaningful involvement and relationship-building.

Build your industry network: While focusing on boosting your chances of keeping your current role, it's wise to have a backup plan. Attend industry functions, join relevant associations, and connect with professionals in your field. Building a broader understanding of the industry and establishing recognition will not only expand your career options but also provide more control during uncertain times.

It is important to remember, job redundancy can happen even to the most diligent employees due to factors beyond their control. While taking these steps can reduce the likelihood, it's essential to remain adaptable, resilient, and prepared to navigate career transitions if necessary.

Job Security when market confidence drops

The transport and infrastructure industry in Australia has seen unprecedented investment over the past decade, and with many major projects with years left until completion. Yet, despite low unemployment rates, there are emerging signs of decreasing industry confidence.

State governments across the country have made announcements about reducing their future investment commitments due to budget concerns and project cost overruns. These developments have raised concerns about a potential slowdown and contraction in the industry. While some predict simply a leveling off in demand, there is an increased risk of redundancies affecting certain segments of the workforce as organisations look to mitigate their exposure.

The prospect of redundancy brings significant impact, uncertainty, and loss of control to individuals. It removes the agency and choice from one's employment and career decisions, and will likely occur during periods of decreased demand and limited alternative job opportunities within a specific industry.

The term is also often misused so it is important to also understand what is legally meant by redundancy. Fairwork Australia states that a genuine redundancy is when the person’s job doesn't need to be done by anyone and the employer has followed the appropriate consultation requirements. This link provides further details that it is worth being across.