January is a popular time for businesses to revisit their business plan and develop a new strategy for business growth.
Unfortunately, if the business is looking to make cutbacks, this often leads to a changeup of staffing. Within the financial sector, January happens to be a popular time for redundancies.
Plus, with the ongoing COVID-19 pandemic having disastrous consequences for businesses across the UK, redundancies are particularly common. In fact, just a few months ago in October 2020, redundancies soared to a record high in the UK.
When facing redundancy, it can be challenging to know what to do next. In this blog, we share our tips to help you through the process.
Know Your Rights
Being familiar with your rights is a great start when you are facing redundancy. It is important that, if you were to be selected for redundancy, it is for the right reasons.
For example, if you were selected for redundancy due to your age, gender or if you were pregnant, this would be unfair and should be challenged.
Depending on several factors, including how long you have worked within the company, you will likely be entitled to the following:
- redundancy pay
- a notice period
- a consultation with your employer
- the option to move into a different job
- time off to find a new job
You can find out about your rights on the government website here.
Take Time Off
As outlined above, you will likely be entitled to reasonable time off during the redundancy notice period. If you have this opportunity, be sure to take it. Even it is just a handful of days.
It will allow you to make a plan for the future. You can look for a new job, consider different job roles or career paths and improve your employability. For example, you can take online training courses to update your skills or brush up on your interview techniques.
If for some reason, you are not entitled to this time off, it may be beneficial to take a few days of annual leave.
Update Your CV
When you are facing redundancy, updating your CV should be pretty high on your list of things to do. After all, the recruitment process can be lengthy and if you are selected for redundancy, you want to secure a new job as soon as possible.
You should also write a cover letter and remember to tailor it to the specific job role and company when applying for a new job.
If it has been a long time since you updated your CV and cover letter, do a little bit of research and have a look CV templates.
Organise Your Finances
When faced with the threat of losing your income, it’s natural to panic. Especially if you already don’t feel very “financially stable”.
When facing redundancy, you should spend some time organising your finances in case the worst was to happen. If you are made redundant, it may take time to get back into a job role within your industry – especially in the current situation.
If you are worried about how you are going to cope financially, start by making cutbacks. You can also seek help from Citizen’s Advice. If you end up unemployed, you will likely be entitled to financial help as long as you are actively seeking work.
Reach Out To Your Network
A very wise person once said, “It’s not about what you know but about who you know”. If you are facing redundancy, take the time to tap into your network.
Speak to friends, ex-colleagues and anyone else you think may be able to help. Tell them you are currently facing redundancy and might be in the market for a new position.
Don’t Take It Personally
Although it can be devastating, it is important to remember that redundancy is not usually personal. More often than not, it is the last resort for businesses that are struggling to stay on top.
As difficult as it is, making a handful of people redundant is often one of many steps taken to ensure the wider workforce remains in their job. Recognising that the decision is not personal will make things a little easier.
Avoid Burning Bridges
It normal to feel sad, frustrated or even angry when you are facing redundancy. However, it is important to maintain a positive and professional relationship with your employer if you are made redundant.
Not only will you need a good reference for your future job, but you also never know when you may need to tap back into that network. Leaving on bad terms may make it more challenging to get a new job.
Speak To A Recruitment Specialist
If you are expecting redundancy and you are unsure what to do next, it could be beneficial to speak to a recruitment specialist.
If the looming redundancy decision or the thought of unemployment is impacting your mental wellbeing, perhaps reach out to a specialist recruiter such as Mindful Partners.
Mindful Partners help people who have been out of work with poor mental health get back into the workplace. If your mental health is impacting your job, feel free to get in touch.
We also help employers create a mentally healthy workplace. You can find more tips and advice in our blog.