The 'R' word, recession, was once whispered fearfully and now looms large but anxious murmurs of another 'R' - redundancy - are now growing even louder.

As the economic slowdown casts a shadow across the UK's businesses both big and small, the jobless total now nudges 5% with nearly 1.8m people out of work.

Nor are the portents encouraging: the UK economy actually shrank by 0.5% between July and September while the Confederation of British Industry business group has given a chilling forecast that some two million could be out of work by the end of next year.

And with rising numbers of redundancies, in particular across the financial markets and especially in property and broking, it's only natural to fret about the consequences and impact if you end up being one of the unlucky ones.

“Redundancy can make you feel that it is you who is personally rejected but this is not the case.”

Yet losing your job can be a remarkable catalyst for a life and career change that sets you out on a radically different path, one which can transform your work-life balance, health and even relationships with family: it all depends on how you deal with the very essence of your job loss as a 'rejection'.

“Redundancy can make you feel that it is you who is personally rejected but this is not the case,” says a spokesman for job advice website.

“You may well feel a mix of emotions such as anger, sadness and hopelessness; these are to be expected and are a natural process of regaining control.”  

For many, the loss of salary and status - despite the usual cushion of redundancy pay, which is tax-free for the first £30,000 - is the most bitter blow to absorb, but once you've faced up to the event and have steadied your finances in the short-term, you can move on from the shock of being unemployed.

Whatever you do, don't rush into any kind of decision - it might feel empowering but a swift course of action might not be the best way forward at all. It'll no doubt feel very strange to stand outside the normal hurly-burly of modern life but take the time to mull over every option available to you.

Voluntary work on either a local or national scale is one of the most popular ways to both keep your brain active during this time, and ensure you absorb new work experiences.

The most crucial move, say recruitment specialist 21st Centry CVs, is to avoid letting your brain and body atrophy.

“A bit of part-time charity work always looks good on that CV as does any team sporting activity,” a spokesman says. “The worst case scenario is to retreat into a self wallowing hole so you should keep as busy and as normal a routine as possible and not let adversity get the better of you.”

If you're drawing a blank, a career coach can help shed some light on your ambitions, no matter how deeply they're buried.

By using personality tests and in-depth assessments of your professional loves and hates, they can cut to the chase and find out exactly what your strengths, such as transferable skills, are as well as highlighting weaknesses like a previously hidden impatience at lack of progress. You can find a coach near you at www.coachfederation.org but be prepared to pay for their expertise.

Two months after redundancy is usually close to the point when you begin to move past the last stage of finally accepting it and start to think clearly about your next move.

And if it's change that you're after - retrain for a completely new career, different job inside the same industry, become self-employed, travel for a year or take time off to establish a new work/life balance - be prepared for uncertainty and worry as you set foot in a brave new world. After years of being straitjacketed into a rigid, often corporate role, taking steps in a new professional direction can be as terrifying as they are liberating.

"After being straitjacketed in a rigid, often corporate role, taking steps in a new professional direction can be as terrifying as they are liberating."

The motivation, though, should be enough to keep you moving in the right direction despite doubts that will no doubt gnaw away at you in the early days: after all, no culture shock is complete without its collywobbles.

For most, retraining or a new career will hold the keys to the new stage in your professional life but there are plenty of pitfalls to watch out for.  

In particular, with training, make sure your courses or qualifications for a new vocation or industry are recognised by certified professional bodies and recognised both around the UK (and Europe or US if need be); many industries have competing trade bodies offering different qualifications.

“Be aware that some companies who offer training may not present you with a nationally recognised qualification at the end of the course and it may cost you a lot of money,” warns a spokesman for www.redundancyhelp.co.uk.

Double check, too, that your qualification will actually make a difference: across most sectors, you'll often find that experience regularly trumps a freshly-minted exam pass.

Unless you've a dazzling set of transferable skills, setting out in a new industry usually means taking a sizeable pay cut as well as an acceptance that you'll need to spend time further down the ladder than you'd like to be.

And ask yourself if, in your new professional life, you'd still be happy to relocate if it meant swift promotion? If you've family or dependants, it's all too easy to embark on an exciting new path without fully appreciating that new sacrifices may well have to be made.

The same goes for working hours - caught up in newfound enthusiasm, do you really want to work a series of night shifts or commit to a three-day week in a bid to climb the greasy pole?

Since you've picked a new work life, hopefully one that you'll like and even love, it's worth getting it as close to perfection as you can: after all, with redundancy having first forced you to leave a company on somebody else's terms, why not get your own back and start again but this time on your terms?

By Sam Dunn