Redundant mid 50s

[wtftodowithmylife]

Name changed for this one.

Was made redundant at the end of last year from a senior corporate role. Very glad to get out at the time as my boss was ineffective and I was not happy. I'm 55. Thought I'd have a couple of months off and then start to look for another job, which is what I'm doing now. The job market is a NIGHTMARE!

I'm having an identity crisis where I can't decide if I get a PT job for the next few years and start to take my private pension to top things up, or if I want another full-on corporate role. I interviewed for a job for which I had all the right experience, and I thought it went well, but soul destroyingly I haven't heard back in over a week. I honestly thought I'd get called back but... Nothing. I don't think I have the resilience to do this over and over when I will probably lose out to someone younger.

Pension pot is about £350k with a small final salary pension due to be paid out at 60. DH still working and well paid, and has said we will work something out if I don't want to go back to FT work. We still have a mortgage to pay for the next 4 years.

WWYD? I'm overthinking this all to the nth degree at the moment.

Just be aware that the contractor market is usually dead in Q4 - more roles available in Q1m Might be the same for permie roles, hence why you're not seeing much out there.

Do something that makes you smile. 55 is an age when you will know what that is.

Senior roles in financial services are not kind to older people.

If I were you, I would look at short term contracts and try to work part of the year for a decent amount of ££, rather than all year for not a lot of money. Experience is valued for many contract roles, IME they aren't looking for you to strategise (which the belief is only young, fresh people can do), just use your skills to get a job done, with the least oversight and hassle.

Or take the opportunity to retire if you can make the sums work!

Look at finance directors roles in the charity sector.

Or fundraising roles (you could get some voluntary experience if you have never done fundraising).

Also explore temp/freelance/consultant opportunities.

The Guardian Jobs and Charity Jobs websites are good places to find job vacancies in the third sector.

I would look at temping also - it can bridge a gap and often leads to something more permanent

Hi just checked and Goodmoves is only in Scotland but I see you have had recommendations for other useful websites.

I would also say don't let your age or gender act as an internal barrier. If you go on LinkedIn people are complaining they can't get jobs because they are too young, too experienced, wrong ethnicity or not willing to go to the office much.

The simple fact is there isn't a huge amount of jobs around, so not everyone is going to be successful.

It took me longer to find a role than anticipated. I started looking whilst working my long notice and I would say it took a couple of months to get my CV and LinkedIn profile up to scratch and then a couple of months to get to interviews and find a role. Ironically I ended up starting the week after I left which was not part of the plan ! I bought "What colour is your parachute " to help me think about what I wanted to do and prepped the heck out of my successful interview.

There are very few part time decent roles around. Your best bet is getting your foot in the door then shaping it to suit you. Being available for all working hours with no flexible requirements makes you more attractive to employers. But if it's a short term contract then it's easier to do it for a finite period of time.
I'm hoping at the end of this they may find me a role that I can do 3-4 days a week, but the NI changes have made it a bit less likely.

Sorry one more from me !

You managed to get to the interview stage within a month- that's really good going and means your CV is fit for purpose. Plus you have an interview under your belt.

You're unlikely to waltz into a new role after just one interview so think of it as preparation for the job you really want.

Sending you solidarity. I’m 53 but in a very similar situation. I’ve been enjoying the time out so far, but if I don’t get another job by September things will be difficult. Your post has given me a bit of a well deserved kick up the backside.

I had a brilliant piece of advice yesterday - apply for lots of jobs - they don't all have to meet the ideal job level. I know it sounds simple but the rejection felt for a few jobs applied for stings more that applying for lots and having rejections come through anyway.

I was made redundant at 50, and was out of work for 16 months. I wasn't looking hard for all that time, and I also did a CELTA qualification for 3 months. But when I was looking hard, it got a bit depressing with feedback, "you gave a really interview, but you don't have quite as much experience." Well, I'm not going to get any experience, if none of you will give me a job, am I?

I was at the point where I was about to have to cancel all non-essential direct debits and economise properly, when I was offered a job - which I left after 5 months, because the team leader turned out to be a micromanager, and I'm now 2.5 months into a new new job, which is going okay (plus more money, and a much shorter commute on office days.)

But I'm in IT, so I'm not sure how helpful that is. I did look at teaching/tutoring (hence CELTA) but there aren't many jobs there, especially not at a decent salary. It did make me realise that money aside, retirement will not be an issue for me - I wasn't getting bored at all.

There are jobs out there, but you have to look all the time, and make sure LinkedIn and your CV are up to date. It is a very difficult time, though, in the jobs market. I know I could do other jobs as well,but it would be harder to argue recent experience.

Thankyou everyone, some really good advice given.

Re the interview, I haven't had a rejection yet so maybe they're moving more slowly than anticipated. Who knows! I've probably applied for at least 20 jobs in the past 6 weeks so maybe getting one interview from all of those applications isn't terrible? I agree that FS isn't kind on older women looking for senior roles. I'd happily take a step down for less money but would they then tell me I'm over qualified?

To the person who said 'do something that makes you smile', sadly, cuddling with my dog only pays in licks 😂

I am a big believer in maximising earning when you still can rather than running down savings /pensions. Given you were senior in FS, your earning capacity is high. I wouldn’t give it up unless you are very well off financially and absolutely hate what you are doing/battling health issues/caring responsibilities… So I would say, try to get another job. Senior roles are in any case rare and it would be completely normal to take months rather than weeks to land a new job.

Sorry to hear this op. Keep trying, the job market sounds so tough

I’ve also been told my job is at risk this week and near mid 50s! I’ve been looking for a job but feels like there’s not much out there! I hate my current job - my manager is a nightmare! I’m concerned as I’m the main breadwinner. He has an ok wage but we have debts and 8 years to pay on the mortgage and kids to support in higher education! Suppose I’ve been lucky not to have had it happen before now. I never used to have issues getting jobs! Maybe it is the age thing!

I'd also suggest locum type work. It's perfect for the stage when you don't strictly have to work but would like to.

Public sector is a good option too- and the pension becomes pretty valuable if you are close to retirement. Just make sure you really tailor your CV to their requirements. Perhaps look at some courses to show you have an awareness of public sector issues.

Charity sector is a good bet too if money is less of an object. If you want to build knowledge of the charity sector you could always look for a trustee position in the first instance? This will help with the move across as you will learn a lot from it.

Re being overqualified, this is where you need to tailor your CV to show you recognise the skills that are relevant to the job you are applying for. I have had quite a mixed career due to health battles and when applying for lower level jobs I change my CV not to hide what I have done but to emphasise my transferable skills and willingness to be part of a team rather than leading one

I think it is easier to get a senior role (either full time or contracting or consulting) than to try and step down to a more junior role part time. You will be overqualified for the latter and the person interviewing who will be your manager may not want to take the risk of what they perceive to be a difficult-to-manage employee who knows more than them.

Senior roles take longer, up to a year, because they are fewer and far between. However, it only takes one person to leave their senior role for a merry-go-round to happen amongst all the other companies and then roles will come up. Your compensation will tide you over.

I agree with @Kafka999 to maximise your earnings and pension whilst your skills are still fresh and then retire early rather than drag it out in the cut throat FS industry.

Mid-50s is still relatively young retirement-wise. You have gas in your tank. Try to stay positive. I sympathise with the soul and ego-destroying exercise of job hunting after a redundancy. I wish you positive vibes and good luck

This is controversial but I'd use the time to freshen up your look and outfits for interviews, probably something you never had time to do when you were in the thick of it. That could also be fun and a distraction and a boost to your confidence. You may already be Angelina Jolie so feel free to ignore me.

Are they putting you forward for roles?
what do they say about the job market atm in your area?

@Bestthriller a lot of the conversations I've had have been regarding jobs where they would previously have allowed remote working if London based (I'm in the North) but now require min of 3 days a week in the office.

What about recruiters from the north? Ie that will dealing with businesses and people who are based in the north?!

The job market is tough for everyone right now, and an interview per 20 applications isn’t out of ordinary. More office presence is also expected these days. So finding a job ends up taking longer than it used to.

Hang in there!

@Bestthriller I feel a bit like you're quizzing me. The point is there are a lack of jobs available that are based in my area. I have another convo with a recruiter tomorrow.

Huh?

im trying to help

ok all the best 😦

I know you are, thanks. Honestly, I probably speak to recruiters most days. I'm doing a lot.

You’ll get there OP