If you have ever lost your job, don’t feel too bad because you are in good company. One in three Australian managers have been made redundant at some time in their careers, according to the results of last month’s Rewards survey. Another 38 per cent of members have worked for companies where large numbers of people have been laid off.

In today’s global economy, retraining and redundancy are central issues facing many Australians in top corporate positions. Every year, thousands of people are forced to reconsider their work options due to changing job requirements and corporate downsizing.

Labour pools have grown immensely in the wake of increased mobility and an expanding international market and companies now have a larger skill base from which to choose employees. This imposes a threat for staff who do not continually update their skills in line with industry demand.

Rewards members have different views about what they perceive as the biggest issue facing redundant employees. Some 35 per cent of respondents considered financial pressure to be the number one redundancy issue as they struggled to service debt and maintain their lifestyle and commitments.

Another 21 per cent said finding work in the same field was a major challenge while 19 per cent believed convincing employers to give redundant workers a fair chance was the biggest obstacle. Unfairly, redundancy can hinder an employee’s ability to win work in the same field if they have been out of a job for more than 6 to 12 months.

Retraining for a new role in a new industry can be daunting and for 14 per cent of Rewards members this was viewed as the biggest issue facing out of work employees.

For 11 per cent of others, the emotional stress of having to break the news to loved ones was a major problem. Frequently, intense emotional pressure can result in feelings of guilt, anger, sadness, shame and lead to depression.

Providing support and assistance for redundant staff has become a significant corporate responsibility. The November survey indicated that personal and career counselling was offered by 46 per cent of firms, however financial compensation was only offered by 25 per cent.