Dealing With Redundancy
What To Do When You Lose Your Job
In the world of employment, redundancy is a fact of life. Sometimes it comes out of the blue and other times it has been sitting in the background for a while waiting to raise its ugly head.
At the end of the day, being let go from your job is terrifying for most and can stir up a lot of mixed emotions but contrary to how you may feel in the moment, redundancy is not the end of the world and in fact, could be the big break you need.
Know your rights
First and foremost the most important thing you can do right now, whether you have been made redundant or not, is to learn your rights. The UK GOV website has some helpful information regarding the rights of employees who have found out they are to be made redundant including:
- Their rights to redundancy pay
- Their rights to a notice period
- Their rights to a consultation or 1-2-1 session with their employer
- Their rights to time off to find a new job
Once you know your rights you are best placed to find out if your employer is trying to rip you off and if you suspect any sort of wrongdoing then it is wise to gain legal representation or to contact a professional firm such as Slater Heelis solicitors.
Although redundancy can cause a number of negative emotions such as shame, guilt, fear and anxiety to course through your body it’s important to stay calm and not give in to them. Now is the time for a positive mindset, for change and for action and what you do at this moment while working your notice period is what is going to set you up and keep you out of future financial problems.
Start finding your new job immediately
It can be easy to use redundancy as an excuse to take time off but staying out of the game and using up your redundancy pay will only set you back in the long run and make the return to work more difficult.
If possible begin your new job search immediately. Use your network, your friend and the time owed to you by your employer to begin your job hunt. Polish your resume, hold your head high and move on.
One of the best places to start for your new job is with competitor companies who will likely be aware of the redundancies being made and be ready to make their pick of the crop. Alternatively, you may decide that your redundancy was the push you needed to change your career altogether, either way, don’t be idle and try to reduce the amount of time you spend out of work.
Invest your redundancy payout wisely
The vast majority of employees who are made redundant are owed some sort of redundancy payout depending on their years of service.
Regardless of whether this amount is small or life-changing don’t waste it! Even a few thousand pounds can be used to help clear credit card debts while larger sums can be put into high-interest savings accounts or invested for your future.
So if you’ve been made redundant, don’t panic, you’re going to be ok.