10 Ways to Prepare for Redundancy

You only need to pick up a newspaper to realise that the economy is on its knees, and with a year like 2020 that is no surprise. Locked down, told to stay in, panic buyers wreaking havoc, it’s no wonder that the economy is suffering. Unfortunately, with a financial recession comes job cuts.

The rates of redundancy are going through the roof and hundreds of thousands of people are finding themselves out of work. So, whether you are hearing the rumbling of redundancies or you have been given your months’ notice of potential redundancies, here are 10 ways that you can prepare for it.

The Rising Rate of Redundancy in 2020

In August 2020 the Office of National Statistics estimated that the number of people on the payroll in the UK had fallen by approximately 695,000 since the beginning of the year. That is 695,000 people who are now without a reliable, regular income. While some may have chosen to go into self-employed contract work, many are still left without employment.

The government's furlough scheme may have done a fantastic job in holding off the inevitable, but it didn’t seem to have the desired effect in keeping people in work long term. With another wave of COVID-19 here, now is the time to ensure that your CV and redundancy preparations are up- to-date.

Your Rights During Redundancy

Depending on how long you have been working for your employer and what type of contract you have, you will be covered by the government guidelines that outline the correct process of redundancy. It is worth becoming familiar with this information so that you are aware of what you will be entitled to and the process that your employer should follow.

For a full list of your rights during redundancy follow this link to the gov.uk website -

https://www.gov.uk/browse/working

or if you live in Northern Ireland based -

https://www.communities-ni.gov.uk/publications/redundancy-factsheets-employees-and-employers

Whether you have been given redundancy notice or whether you are concerned that it might be a possibility in your future, here are 10 ways to prepare for redundancy.

1. Manage Your Emotions

It’s understandable that this is a really stressful time. The worry of not only losing your regular income but also the fear of a career regression is a fair reason to feel anxious. However, worrying doesn’t create action and what you need to do most in a redundancy crisis is to take action. While you have every right to feel angry, upset and worried, what will help you most at this time is to try and keep on top of your emotions. Try not to dwell, write things down instead of bottling them up and take some time for yourself so that your emotions don’t overwhelm you and create more problems than just looking for another job.

2. Get Clear on Your Rights

As we said earlier, you have statutory rights when you are made redundant and there is a process that your employer must go through. This process will be different depending on how long you have been working at the company, but overall, the basics of a notice period, a consultation and an option to move roles stay the same. Take this time now to brush up on your rights so that, should you be made redundant, you know what you are entitled to and that you know the process is being followed correctly.

You can find more information on redundancy rights via the

Gov.uk website and through ACAS resources.

Northern Ireland based - https://www.nidirect.gov.uk/articles/coping-redundancy

Citizen's Information

3. Go Over Your Finances

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