There could be greater demand for event jobs and other temporary employment, as more and more millennials are being made redundant.
According to the Office for National Statistics (ONS), the redundancy rate from June to August 2016 was 4.4 per 1,000 employees, which is an increase from 3.8 per 1,000 workers in February to April this year.
What’s more, research from Royal London has found that millennials require savings of between £4,100 to £7,000 to cover the time it takes to find another long-term position.
Even if they receive the maximum entitlement of statutory redundancy pay of £479 for each year worked, they could still be out of pocket.
Head of protection at Royal London Debbie Kennedy said: “Redundancies are at the highest level for two years … Many millennials will have been in roles for a relatively short amount of time and unfortunately this will impact the statutory redundancy pay they would be entitled to.”
Therefore, one thing they could do is look for a temporary job as soon as they have been given notice of their redundancy. While this may not be in the same field as their current position, it will tide them over financially and give them experience of a new industry.
Millennials typically believe they will be able to find a superior job to the one they have been made to leave within 12 weeks. In the meantime, they could consider festival jobs, stewarding and seasonal positions so they do not suffer a huge financial gap between wages.