Being Made Redundant? Why Losing Your Job Could Be the BEST Thing That Ever Happened!

Being made redundant? Losing your job feels like the worst thing that could happen.

But what if I told you—this might be the best thing that ever happened to you? 😀

If you’ve just been made redundant or laid off, I know exactly what you're feeling—fear, uncertainty, maybe even panic.

But stick with me because today, I’ll show you why this could be your greatest opportunity and how you can turn it into a life-changing moment.

By the end of this post, you’ll know exactly how to bounce back stronger—whether it’s finding a better job, pivoting your career, or even going all in on that side hustle.

But let’s be real and talk about the realities of being made redundant.

No one wants to be forced out of a job. 

It messes with your confidence, your finances, and sometimes your identity.

Especially in the UK right now 😩.

Industries are cutting jobs left and right, departments are closing down, shops are going out of business, and making staff redundant.

In addition, jobs are being replaced by AI or being outsourced to cheaper parts of the world. 

There are challenging economic times, rising taxes, high inflation and so on. 

Redundancies are happening to more people than ever.

At least it feels that way!

I’ve even seen stories of couples who got made redundant in the same month or in the same company, wiping out their entire household income.

Common Fears You Might Have Are:

• “What if I can’t find another job?”
• “I’ve got bills and responsibilities.”
• “What will people think?”

But here’s something most people don’t realise—redundancy or getting laid off isn’t just about loss. It’s about redirection.

Some of the most successful people in the world only got to where they are because they lost a job. 

I’ve faced redundancy twice in my career and it can create a lot of uncertainty and anxiety. 

But at both times, the mindset I adopted meant that I came out on top eventually.

If you’re new to our work, my name is Ken Okoroafor of The Humble Penny and Financial Joy Academy.

I’m a Chartered Accountant, Former CFO, Financial Coach and Business Coach. 

Together with my wife Mary, we’re also Sunday Times Bestselling Authors of Financial Joy, a 10-week Plan to help you Banish Debt, Grow Your Money and Unlock Financial Freedom.

Why Losing Your Job Could Be the Best Thing That Ever Happened!

Let’s jump straight in.

Part 1. The Hidden Opportunities in Redundancy – Flip the Narrative

• Opportunity 1: Time to Re-evaluate Your Career

Yesterday in our community at Financial Joy Academy, we were discussing Ray Dalio’s book called Principles and one principle that is relevant to this point is:

Pain + Reflection = Progress

The ‘Pain’ here is redundancy or lay off, but the point Ray Dalio was making in his book was that many people have a hard time reflecting when they’re in pain. 

They pay attention to other things and usually miss out on the life lessons that reflections about their lives can provide.

So let’s take a moment and do some reflections now. 

1. How many of us stay in jobs we hate simply because we’re scared to leave?
2. How many of us stay in jobs because they’re comfortable and pay the bills even though we know that we’re not growing?”

Redundancy should force you to pause and ask—was I even happy in that role? Was I paid what I was worth?

Top Tip: Make a list of what you liked and disliked about your old job. This is your chance to upgrade your career, not just ‘find another job.’

• Opportunity 2: Financial Leverage (Redundancy Payouts & Benefits)

Many UK redundancies come with payouts.

Especially if you’ve been singled out and made redundant. 

A lot of redundancies are fake redundancies and effectively a sham!

Your manager or boss might just want to get rid of you for one reason or another, and what they do is put together a process to make it look legit, objective and fair whilst also making your life a nightmare.

e.g. by putting you under performance improvement and then eventually letting you go!

So you need to be unto them early and begin to gather evidence so that you have a chance of a settlement agreement or an exit package.

One thing that helped me in the past was to get an employment lawyer on my side to help build my case.

These lawyers will fight your case and negotiate more money for you.

A good employment lawyer might cost, say, £400 per hour, but they might only spend at most 1.5 to 2 hours on your case.

However, the results they’ll get for you will far exceed the cost, potentially in the tens of thousands or more.

This money they get back for you can be a financial runway to provide financial security or explore new opportunities.

In the past, I’ve managed to find another better paying job a lot quicker, and that payout has gone towards investing in the stock market or overpaying our mortgage, etc.

Pro Tip: Know your rights. Understand the law or get a lawyer who does on your side.

• Opportunity 3: A Door to Entrepreneurship & Side Hustles

Most successful entrepreneurs didn’t start their businesses while employed—they started because they lost a job!

One of the biggest realisations I’ve had from doing both corporate and entrepreneurship is that when you work exclusively for an employer, you say no to all other possible opportunities and leave yourself open to the risk of being made redundant one day.

If you already had a side hustle before being laid off and it’s making you some money, now might be a time to ask yourself, should I go all in on this?

If you don’t have a side hustle, my suggestion is to have something you’re doing on the side when you do find another job.

Doing something else with the security of another job is the best chance you’ll ever get to start something if you’ve always dreamed of it.

It also reduces your risk by diversifying your income sources and protects you a bit from a guaranteed future of more redundancies.

• Opportunity 4: Your Earning Power Just Increased

Most people don’t realise—switching jobs is the fastest way to increase your salary.

The average pay rise from staying in the same job is around 2-3% a year.

However, the average pay rise from moving is 10-20%.

Tip: Use redundancy as an opportunity to negotiate a higher salary or move into a better-paying field. 

Part 2. How to Bounce Back and Thrive – Practical Next Steps

Here are steps you can take to begin bouncing back from being made redundant.

• Step 1: Shift Your Mindset 🔍

Redundancy isn’t a personal failure. It’s business.

The sooner you stop taking it personally, the sooner you can get up and take action.

Take a couple of days to process, go for long walks, pray, reflect, and then shift to action mode.

• Step 2: Take Control of Your Finances 💷

You need to start to look very closely at your numbers.

– Check if you’re eligible for redundancy pay.

– See what benefits or government support is available.

– Cut unnecessary expenses—treat this like a ‘financial detox.

– Create a ‘Runway Budget’—how long can your savings last?

Join our free 42-week take control and grow your money email programme to help you take control of your finances.

• Step 3: Upgrade Your CV and LinkedIn for AI 📄

Use AI tools (e.g. ResumAI, Teal, Rezi) to optimise your CV for ATS (Applicant Tracking Systems). 

– Tailor your CV and LinkedIn headline, summary, and job titles with keywords from your ideal job descriptions.

Click here to see mine as an example.

– Include quantifiable achievements (“Increased revenue by 32%”) to stand out.

• Step 4: Use AI to Speed Up Job Search 🤖

– Let ChatGPT or Claude help write tailored cover letters, answers to application questions, and interview prep.

– Use Jobscan or Teal HQ to match your CV against job descriptions and see where you can improve.

– Automate job alerts using platforms like Google Jobs, LinkedIn, Otta, and Indeed.

• Step 4: Tap Into the Hidden Job Market 🌐

– 80% of jobs are filled through networks. Reach out to ex-colleagues, mentors, friends—tell them what you're looking for.

– Post an “I'm Open to Work” story on LinkedIn that shows what you do and the value you bring.

Don't underestimate the power of the LinkedIn community to get behind you. Click here to see an example.

– Attend industry-specific meetups, webinars or online communities (even virtually) to meet potential employers.

– Join this free, volunteer-run group called Europe Career Support for peer-to-peer support, including introductions, guidance, and mentoring for your career.

• Step 5: Be Strategic With Applications 💼 

– Don’t spray and pray—apply with precision.

Focus on 5–10 quality applications per week, fully tailored, rather than sending out 50 generic CVs.

• Step 6: Upskill and Reposition Yourself Fast (While Applying) 🧠

Redundancy is an excuse to level up.

Identify top 1 or 2 skills in demand in your industry (check job ads or use AI to analyse trends).

Use platforms like Coursera, LinkedIn Learning, or YouTube to skill up—mention new learning on your CV & LinkedIn.

Consider a micro-certification or badge from Google, Microsoft, etc., that’s relevant.

Build your LinkedIn presence, learn high-paying skills that will matter for a future of AI.

For example, I looked up a recent report about Jobs for the future and skills we need to pay attention to from 2025 to 2030. These include:

Skills On The Rise 2025 to 2030

• AI and big data
• Networks and cybersecurity 
• Analytical thinking
• Creative thinking
• Teaching and mentoring
• Resilience, flexibility and agility
• Leadership and social influence
• Technological Literacy
• Motivation and self-awareness 
• Empathy and active listening

Start networking and building relationships—Estimates suggest that up to 80% of jobs are not advertised publicly.

This is known as the “hidden job market”.

I found this powerful list of 14 free AI courses you'll love. Thanks to R Hassid for sharing them on LinkedIn.

1. AI Essentials 
Perfect for beginners. Covers the basics of AI.

2. ChatGPT Mastery 
Master ChatGPT and use it like a pro.

3. Google AI Magic
Explore Google's AI tools and techniques.

4. Harvard AI Introduction
Get a solid foundation from Harvard.

5. Microsoft AI Basics 
Learn AI from Microsoft's perspective.

6. Prompt Engineering Pro
Become an expert in prompt engineering.

7. Google's Ethical AI
Understand the ethics behind AI development.

8. Machine Learning by Harvard
Dive deep into machine learning with Harvard.

9. Language Models by LangChain
Specialise in language models with LangChain.

10. Bing Chat Applications 
Learn how to use Bing's chat features effectively.

11. Generative AI by Microsoft
Explore generative AI techniques with Microsoft.

12. Amazon's AI Strategy
Discover Amazon's approach to AI.

13. AI for Everyone
An accessible course for anyone interested in AI.

14. AWS AI Foundations
Get started with AI on AWS.

• Step 7: Interview Like a Pro (With AI Help) 🎤

Use AI mock interview tools (like Interview Warmup by Google) to practice.

Prepare strong STAR-based stories (Situation, Task, Action, Result) for behavioural questions.

Don’t just answer—show how you’re a solution to their pain points.

• Step 8: Create a Personal Brand ✨

Share your expertise on LinkedIn (posts, articles, or short videos) to attract attention from recruiters.

Pin a featured post showing your CV, portfolio, or a “Here’s what I bring” video.

• Step 9: Diversify Your Income Streams 💵

It wasn’t until I experienced being made redundant years ago that I understood why my mum always insisted “You need to have another source of income”.

This is the best time to start that YouTube channel (as more of us now watch YouTube on our TVs), create that membership business (for a sustainable recurring income stream), start that e-commerce store, or begin that coaching business, etc.

If you're serious about learning skills for the future, creating other streams of income, and getting help doing it, join Financial Joy Academy.

There, you’ll join our community and get the tools (and access to over 70 step-by-step classes on various income streams and investment strategies).

Plus, you'll get coaching from me directly, accountability, community support to build multiple income streams and more. 

Part 3. Real-Life Success Story – Proof That This Works

I can’t count how many people I know who have been made redundant but ceased it as an opportunity to improve their careers or finances.

On a personal level, having navigated redundancy a couple of times, I genuinely feel like it made the scales fall out of my eyes.

I now see the world for how it is and it made me stronger and more determined to make sure that I put myself in a position to never rely on someone else for my income by investing my money.

Being made redundant and dealing with corporate politics (which I hated!) also led me to create my own job (i.e. creating The Humble Penny in 2017 to help others achieve many of their financial goals).

I’ve even written a Sunday Times Bestselling book!

I would not have believed it those many years ago when I felt down about a redundancy. 

Hope this inspires you to see that redundancy is not the end.

With the right mindset, it is only the beginning of amazing things in your life! 

Conclusion

Redundancy is inevitable for all of us and it feels like a battle out there as technology shifts and the cost of living rises.

Now more than ever is the time for you to say “enough is enough” with the default way of doing life. 

You have to prepare for a more challenging future economically, if possible create your own job or business or income streams, and at worst, skill up for the times ahead.

Redundancy will feel terrible when it happens, but with the right mindset, you'll stay ahead and opportunities will keep finding you, so stay positive 😀.

I want to hear from YOU—have you ever been made redundant or laid off or are you struggling with it right now? What was your experience like? Drop a comment below!”

Please don’t forget to share this post with others.

Don’t go anywhere, here are additional resources that will help you with if you're navigating being made redundant:

• Book 121 Financial Coaching with me
• How to Break the Employee Mindset and Build Wealth
• Escape Plan: How to Stop Living Paycheck to Paycheck

As always, in all things, be thankful and seek joy.