Lay-offs, redundancies, re-domiciling. Different words all potentially resulting in what many fear will be the loss of their jobs.

Bermuda has for a long time been blessed with a strong economy but in recent months dozens of redundancies have been announced as the Island has felt the chill wind of the global economic downturn.

Alistair McNeish, managing director of PricewaterhouseCoopers Human Capital Consulting, specialists in recruitment and career advice, is well qualified to advise on how best to handle being made redundant or to avoid losing one's job.

Bermudians and expatriates alike have contacted Mr. McNeish, who has been running PWC's Human Capital Consulting business in Bermuda for nearly eight years, to find work and to apply to assignments he and his team are handling.

Mr. McNeish described the reactions from those approaching him: "There is usually an element of surprise and disappointment experienced by those who have found themselves without a job. The depth and the effect of the recession and the redundancies in its wake have taken the community by surprise.

"Bermuda has been buoyed by many years of prosperity having maybe created a false sense of security. But most people have handled their situation very professionally. I have found new jobs for approximately 20 percent of those who have approached me."

Being made redundant, or fearing for ones job is a traumatic and stressful experience. But Mr. McNeish explained that, in spite of that, it is important to try and take an objective view and assess one's market value as an employee.

"Does your skill set need to be improved?," Mr. McNeish said. "Have you got the appropriate experience and tools for the job and are those skills and tools up to date? Finding a new job is a full-time project. It can be useful to think of yourself as a product and ask yourself the following questions: What is your value proposition? What can you offer an employer? How best to present your competencies and skills? Think about how you can upgrade your skills to suit the job market.

"Have you got transferrable skills and how can they be used? Think laterally, the job you have may no longer be in demand. You may have to think how best to transfer your skills to another industry and how to do it."

In the case of being told that you're being made redundant, Mr. McNeish suggests discussing the various options with your employer before parting ways. It can be worthwhile to ask your manager or human resources manager to take the time to discuss all available opportunities such as making sure that all avenues of finding another position within the firm have been explored.

"There may be an opportunity to scale down the existing role as opposed to facing complete redundancy," Mr. McNeish said. "Discuss if there is anything that can be done to redress the situation, for example through training or taking on new responsibilities. Some companies may consider job shares where two employees share one position rather than reducing the number of staff.

"If no viable options are found with the existing employer make sure you get at least the minimum statutory redundancy payment and any other benefits your firm may have to offer in the form of outplacement services and retraining."

For those who get to the point where they have to start looking for another job Mr McNeish said it was importnat to ensure that your resume is current.

"Carefully think through what experience and training you have," Mr. McNeish said. "Think of your CV as a living document and change the emphasis depending on the position you are applying for. Quantify and describe your achievements because the clearest indicator of future success is what you have achieved in the past. Do not be shy to highlight your strengths but remember to always be honest.

"Before submitting your CV, check the spelling and grammar. Your CV is probably the first contact the company will have with you and it must be professional and neat. Make sure it is in tune with the technical demands of the job you are applying for."

Mr. McNeish has come across some job seekers who are struggling with having been made redundant. He said: "Retain your pride and professional stature. Do not allow the situation to let you down. Being made redundant can happen to anyone.

"I have graduates from Oxford and Cambridge approach me because they have lost their jobs. It can happen to anyone."

If your application is successful enough to earn you an interview Mr. McNeish suggested taking some time to research the company you will be speaking with.

"Try to understand their business and prepare by anticipating what questions may be asked," he said.

"Find out who is going to interview you and what position they hold within the firm. Make notes about the key points you want to bring across about your ability, achievements and previous experience. You do not want to leave the interview wishing you had made more of the opportunity of highlighting your strengths and experience. It is a good idea to send a note to thank the company for their time after the interview and ask how it went.

"Remember to be organised. Keep a record of the positions you have applied for and if you have had any feedback."

Mr. McNeish urges job seekers not to be afraid of spreading the word that they are looking for a job and to develop a profile of their network.

"Although Bermuda is going through a recession some firms are still hiring," he said. "Rather than waiting too long hoping to find the perfect job you could be better off settling for something less senior than your previous position. It is usually better to be in a job which may be less advanced than what you are qualified for than not to have a job at all."

In spite of the dire economic climate, Mr. McNeish had some words of encouragement to job seekers. "There are opportunities out there," he said. "There is a slowdown in the pace of recruitment activity but companies are still hiring in key functions. The insurance sector is still doing well."

Companies laying off staff should be wary of how they handle the situation, Mr McNeish said. "It is important that they appreciate that the way the staff is handled is a window to how they operate and so is the way in which they dismiss staff.

"Companies should think about how they are perceived as an employer. They should have a corporate conscience. Making redundancies in an insensitive manner can have a long term detrimental effect, especially in a small community like Bermuda.

"While appreciating that decisions to lay off staff are never taken lightly, it is worthwhile for these companies to invest in outplacement and providing training and re-skilling."

As a general reflection on the current employment market in Bermuda, Mr McNeish said: "I began to notice a difference approximately six months ago. At that time the first signs of recession became apparent when from both sides of the Atlantic there was a 40 to 50 percent increase in the volume of CVs submitted from applicants with financial services background.

"The volume of applicants and their seniority and calibre has gone up indicating that the effect of the recession has been deep.

"Bermuda has so far fared less badly than New York and London, which have large banking and credit centres. The insurance market seems more secure than those."

Mr. McNeish has had quite a few applicants from New York, London and above all from Asian white collar workers. "I would estimate that I get 50 to 75 percent more CVs from Japan, India, Singapore and China," he said.

"In the last few years it has been difficult for various reasons to get people to relocate to Bermuda. Because of the recession foreigners are now seeing Bermuda as a more attractive market to work."

Looking ahead, Mr. McNeish reflected: "Some companies use the available talent pool tactically to prepare for the future. Talented staff has been attracted from what what are perceived as distressed companies.

"There is a general perception that the insurance market is hardening and we will see increased opportunity in new lines of business in 2009, which tends to manifest itself in increased recruitment opportunities."