3 pieces of important advice for all the AIB staff facing redundancy

With another two weeks of waiting to go (according to a spokesperson at IBOA, the finance union), staff at Allied Irish Bank are apparently still waiting for their redundancy terms to be announced.

If you’re one of the 2,500 AIB staff in danger of losing your job (or who’s taken voluntary redundancy), what should you be doing now? Assuming you want to get a new job, what are your chances? We asked Ireland’s financial services recruiters. This is what they said.

Look for a new role immediately

Eimear Walsh, from Brightwater Recruitment, advises candidates to look for a new role as soon as possible. “The process can take up to 12 weeks or longer depending on level and type of role,” she points out.

Ken Harbourne from Wallace Myers International agrees. He says “Don’t leave it! If your department is at risk, then prepare your CV, talk to people about what the market is like, talk to recruiters, get your full profile onto social networking sites and look at job boards.”

However, Walsh adds “it can be tricky if you are expecting redundancy but do not have a confirmed end date, it is important to get ahead and apply for roles but if you have to work for a further 3 – 6 months to receive redundancy new employers may not be in position to wait for you”

Don’t think you need to give up on financial services as a career

Should you aim for a new job in a more vibrant industry, like Ireland’s thriving technology sector? This probably depends on whether you are prepared to take a pay cut.

Harbourne says you need to evaluate your needs. Do you want the same standard of living with the same salary and benefits? If so, you need to try and get something as close as possible to what you’ve been doing previously.

Alternatively, do you want to change direction? If you do Harbourne says you need to understand that it’s, “highly likely you will take a large financial hit.”

Walsh, however, is upbeat. She says people leaving AIB should be eminently employable elsewhere: “The banking and financial services market in Dublin is positive at present so although candidates may not secure the exact same role or same level of role in another company there are options within the industry.“

If you do want to try for a job outside banking, Harbourne says you need to “US-multinational-up your CV.” Beyond banking, she says this where all the jobs are: “Your current skills may be transferable, but you need to strip back your abilities to a generic format and dump the banking jargon.”

Seek non-biased feedback on your CV and interview skills

“Whilst you may believe you are a class act, if you’ve been in a position for a while, you may need help with how to pitch yourself,” says Harbourne. “Seek out non-biased critical opinions (not from your friends!) on how you come across in an interview and on your CV.

“The new market is vastly different and you may only have one shot at a great opportunity” he continues. “The pace of business, volume of work and the think on your feet initiative required is much greater. The remit is much broader than just a cubical job now - more is expected of you. With this in mind, tailor your preparation and responses. It’s not about regurgitating what you’ve done but rather focusing what you’ve done on what’s relevant to your audience.”