Financial Strategy Analyst Merril Lynch - Redundancies?


#1

I’ve just been made redundant from my job as a Financial Strategy Analyst with ML. I will get my final pay in 4 weeks. As part of my redundancy package I’ve been given an outplacement support stipend to help me find another job and was just wondering whether anyone had used this kind of service before?

I mainly thought that career transition in this sector was through head-hunting - that details would be passed on to relevant contacts as opposed to a former employee having to hire a person to help them find work.

Any advice would be greatly appreciated.


#2

Dreaminginrevelry - Don’t take it as a given that you’ll be head hunted as jobs are becoming fewer and recruiters more particular about what they want. Unfortunately, you are more likely to be head hunted whilst you’re employed than whilst you’re unemployed. You may think that sounds unfair, however it’s simply the way things work in this industry and that’s been the case for a long, long time. A company the size of ML will be well aware of this which explains why they have offered redundancy support to you. They are an extremely large corporation, but believe me they won’t spend where it’s not necessary.

If you want my advice, go for the outplacement/redundancy support. You have nothing to lose. Plenty of us find ourselves unemployed through redundancies, and without any support from our former employer. You’re lucky that you’ve been given a financial stepping stone towards your next position.

I would also say to use any free resources available to you, such as these forums, Nation Careers Service and .Gov careers sites. Recruitment websites often offer free CV building tips, but be warned that often this kind of advice is very generic. No one style of CV is the ‘correct’ one.

When looking for an redundancy support provider, consider what you want to gain:

Do I want a new job in the same sector?
Do I want try a new career path, using my current skills and qualifications?
Do I want to re-train entirely?
What are my short and long-term earning goals?
What am I willing to compromise to get the position I want (location, salary, hours)?

Once you have this figured out, you can choose a service that provides the help and advice you are looking for e.g skills matching, career coaching, online training and so on.

If you want to talk through anything, I’m happy to help.