What to Consider When Facing Redundancy

While the coronavirus pandemic was a health crisis at its core, it has also had a profound economic impact on developed and developing countries across the globe.

This includes the UK, where redundancy rates throughout the pandemic rose at a faster rate for more than a decade and even surpassed those recorded during the great recession through 2008 and 2009.  If you’re unlucky enough to be facing redundancy, the question that remains is what steps can you take to protect yourself? Here are some of the key considerations:

Don’t panic and know your rights

The first thing to do is stay calm, and while this may be easier said than done, it’s crucial that you handle the situation in a measured and proportionate manner that guarantees the best possible outcomes.

To aid this process, start by making a list of all the things that need to be arranged in the months ahead, recording them in order of priority and ticking them off as they’re accomplished.

It’s also important to understand your rights at this time, as this may also provide some genuine peace of mind and enable you to remain grounded. Similarly, you may find some actionable advice to help inform the course of action that you take, either from skilled and specialist employment solicitors or dedicated websites like ACAS. You may also discover that the redundancy may not have followed due legal process, creating an opportunity to pursue legal action and challenge the decision.

Negotiate and depersonalise your redundancy

On the topic of hiring skilled employment solicitors, this step also enables you to detach yourself from the process and act on data rather than emotion. 

This way, you can depersonalise the entire process and ensure that you act in your own best interests, rather than pursuing fruitless and ultimately baseless claims based on anger. A solicitor can also help you to successfully negotiate your redundancy payout, while also helping you to retain additional perks such as the company car or financial support for retraining.

In some cases, you may even be able to negotiate a voluntary redundancy package, which enables you to set your own terms and take better control of your own destiny.

Stay positive and carry out a job search

Ultimately, you’ll need to plan for a future after your redundancy, which requires you to proactively organise your finances to cover any period out of work and seek out new employment opportunities.

With regards to the former, you may have to measure your finances and account for a period out of work, potentially reducing your outgoings in order to optimise your short-term cash-flow and meet your interim debt repayments.

As for the job search, we’d recommend listing your details and resume of relevant online job boards, while potentially tailoring your resume using either professional services or in line with the type of work that you’re actively seeking. Also, reach out to other people in your industry for actionable advice, both online through sites like LinkedIn and in-person where applicable.