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.

@thrive25 I'm fully paid up for NI contributions so that doesn't really matter.

This thread has cheered me up immensely btw, so thankyou all.

I'd suggest taking a look at roles at Payment Systems Regulator (PSR) actually, they're expanding and usually recruit from FS and are largely remote working. Some quite interesting sideways jobs there.

It's tough. I'm single and in my 60s and despite being very highly qualified with plenty of experience, I have been told that my chances of finding a position at a similar level to my last (I was also made redundant) are almost zero and the agencies are not hopeful at all. I assume that because I am due to retire in a few years they are not willing to give me a chance.

I have resigned myself to doing some self-employed jobs but the income is not great and I have also lost all the valuable benefits such as health insurance, life insurance, company car, pensions etc. so it is a complete change of lifestyle.

Have you enquired as to whether they have made a decision on the job you were interviewed for? If you didn't get it ask for feedback (if not given)?

Yes, I sent a polite chaser at the end of last week which they haven't responded to yet.

Had a bit of an ego boost this morning. Got a very quick callback from a recruiter regarding a role I applied for while watching TV last night! Of course, nothing may come of it. But good to know I stood out enough for such a quick callback. 🙂

Aaaaand back down to earth with rejection this morning from the interview the other week.

Never mind. Another interview set up for next week.

Fingers crossed for this one.

Sorry to hear about the rejection. Apply for more and keep going. You got this.

That's a shame on the first one, but that's amazing you have another interview next week.

Think of the first one as practice- may be worth asking for feedback for any pointers on how to improve.

Thankyou. Yeah - onwards and upwards.

The feedback was that I was more than qualified and a super strong candidate, but that there was lots of competition and it was a very difficult decision. So not exactly helpful in terms of what I can do to improve.

I got made redundant after 15 years at the start of the first lockdown. I was 63. It felt very scary, I did have outplacement provided which was somewhat useful in that at least it was something to do. Initially there were just no jobs. I would say do all the cv and LinkedIn profile stuff and take some time to reflect on what you want. It’s tough out there but 55 is not too old. Most recruiters are shockingly shit.

@PinkTonic how long did it take you to get another job?

I’ve been looking for a year. Mid 50s, PhD, latterly in academia but also have public sector and corporate experience. I’ve got down to the last two twice, feedback is excellent.

It is super tough OP, the market is tough and our age makes it worse.

I’ve also had lots of chats with recruiters. 😩

I’m thinking of upping my consulting, I already do a day a week. It’s just losing my job security that is holding me back. It’s just me and DC here so one salary.

Could you do something like that?

I'd happily do consulting but but not sure on the way in.

I am in exactly the same situation OP.
I joined the Visible Community (I can message a join link if wanted) and have discovered how very common it is. It’s so frustrating and I feel I have so much experience and knowledge and nowhere to use it. Also I am losing my faith in my ability to reinvent myself. I have invested in career coaching so I shall see how that goes.

Are you a member of any institutes? Sometimes there's a way in there.

Yes please.

I’m not quite done yet but in my consultation letter it looks like I’ll only have a couple of weeks left at best. Then it’s out on the job market. Hoping I’ll get something - money will last about 6 months the but looks like I can’t work for 3 months. Lots of time to look for jobs! Bit scary! But couldn’t stay in current environment! New boss was giving more and more work to do. It will go to existing staff but they are getting burned out my leadership demands!

@Firsttimeinmylife I wouldn't delay looking if I were you. Job market is awful right now - flooded with people on the job market.

Hello @wtftodowithmylife I’m sending you a message. They’ve got a course or something starting on 10th of March. See you online then maybe!

Got it - thanks.

Why don't you just keep an open mind and apply for full time and part time roles? Just apply for jobs that take your fancy. You clearly have a lot of experience so will find something soon enough.

I suspect you are overthinking it. This could be a wonderful new phase. You don't have to do what you always did.

@ZippyDoodle I'm doing exactly that. But there's a lot of competition in the market and I'm finding it stressful. Preparing for interviews, doing the interview, the waiting game afterwards. I know that's par for the course but it's exhausting.

Would you consider the FCA?

@OrangeCushioning yes, absolutely. They're based in Leeds now which is convenient for me. Hadn't seen there are vacancies.