Speed and forward planning is of the essence when facing the prospect of redundancy or in the event of being made redundant, according to Doug Soares, a partner at Expertise Ltd.

Mr. Soares reckons timing is crucial to find a new job due to the typical recruitment process taking anything from weeks to months, from start to finish, meaning that those made redundant need to immediately start updating their CV and actively begin seeking employment.

And he advises that the only way for employees to lessen their chances of redundancy is to provide their employer with extraordinary value by increasing their productivity.

"Many say they are going to 'take their time' to consider their options and seemingly have a false sense of security," said Mr. Soares.

"The harsh reality is that job opportunities are becoming fewer and employers have the luxury of choosing between a greater number of applicants.

"The job market in 2009 is going to be nothing like it has been over the past 10 years."

Mr. Soares believes the best time to look for a job would be when you are employed.

"If you believe it is a possibility that your position may be made redundant, begin planning a jobs search and consider throwing your hat in the ring for any opportunity which you believe is a good fit for you," he said.

He said employees that focus on the productive use of time and resources, and particularly those who go the extra mile for their employer, would be the least likely to be made redundant, but added that in the end, employers experiencing a downturn in revenue may be faced with the prospect of letting go of even the most productive workers. However the last to go will be the most productive, unless the employer was forced by contract to prioritise the order of redundancy otherwise. Mr. Soares said that ultimately redundancy was an expedient way for an employer to cut their labour costs, but rather management and staff could ensure virtually everyone kept their jobs by mutually agreement to cut labour costs by reducing everyone's pay and/or benefits.

"Although it's unheard of in Bermuda, it is not uncommon in overseas jurisdictions," he said.

"Often you will read about major unions agreeing to such pay cuts. This may seem unthinkable for the average Bermudian worker, but the reason employees agree is simple: people would rather accept a 15-percent pay reduction than face the very real possibility of a 100-percent pay reduction.

"The non-unionised private sector in Bermuda, particularly international business, tends to accomplish this naturally because a significant portion of their remuneration package is comprised of bonus and incentive programmes which simply pay less or nothing when business is performing badly."