How to Cope With Redundancy
With many companies facing cutbacks, many employees have been made redundant or are facing the risk of redundancy. This can lead to your confidence taking a knock and an overwhelming amount of emotions.
Here are RICS Recruit's steps on how to cope.
Don't panic. Plan. It is common for people to panic and rush into applying for jobs immediately without planning anything else. However, it is important to create a plan for the weeks or months to come. This will help with the stress you may be feeling from redundancy. Plan your finances and then plan your days, perhaps start by updating your CV then begin to plan out applying for new jobs.
Don't Take it Personally
There could be a number of reasons that you have been made redundant, losing your job can be very stressful, remember that you are not alone. There has been a rise in redundancies across the UK because of the pandemic, but surveying companies are still hiring.
Reasons you may have been made redundant:
1. Your company have had to cut costs
2. The role no longer exists
3. The role or service in the company is no longer required
4. The company is closing down
Redundancy is a difficult and unsettling time, try to remain positive, although you have last your job, the important thing is what you do next.
Know Your Rights
Ask your company to provide to you a copy of the in-house company redundancy policy, look over it thoroughly checking the exit terms.
Look at Government websites, citizens advice bureau and ACAS these will give you free advice and information on your entitlements.
There are a few steps your employer should take and if your company do not take these steps your redundancy might be considered as unfair dismissal;
1. Try to find you alternative work in the organisation.
2. Give you at least one week's notice if you have been employed between one month and two years.
3. Give you a written explanation of why you are being let go.
4. If your company are making redundancies between 20 and 99 employees then they need to give your representatives (i.e unions) 30 days notice.
5. If your company are making redundancies of over 100 employees then they need to give your representatives 90 days notice.
If you think that these measures have not taken place you have the right to appeal the decision at an employment tribunal.
This may seem odd as you may think, what power do I have to negotiate? You could ask a few things. You could ask your employer to reduce your hours, or for a temporary decrease in wages. If that is not financially possible for the company and they feel redundancy is the only option bargain for more than what they are offering. For instance, ask them for another months salary, the company laptop, money for re-training or a larger, final lump sum.
If you were put on furlough before the announcement of your redundancy, you are entitled to 100% of your salary, not what the company were paying you whilst on furlough.
Plan Your Finances
Once you know how much you are going to be entitled to, it would be a good idea to plan out your finances. Working out a budget and how long that will last you may sound obvious but it will help you feel less stressed an give you a clearer picture on how long your finances can stretch and how much time you have to look for a new role.
You will also be entitled to some state benefits to support you through your unemployment. Check Jobcentre Plus and if you are entitled to income support.
Begin Your Search for Work
Now you have done all of the above, you have a deadline you can work towards and can focus, you can begin your job search. First, you should update your CV, it may have been some time since you last updated it, since then you may have gained some skills and achievements which you will be able to take into your new role.
If you haven't updated your CV for a while there is a chance you have neglected LinkedIn. Update your LinkedIn as well, employers will most likely look at this as well as your CV before hiring. Perhaps ask a colleague or two to write a recommendation for you.
Whilst it is tempting to look for jobs every second of the day, this will put unnecessary stress on you and it will quickly become tedious. Set yourself a daily, achievable goal and once you have achieved that do something else that might be productive to your job search. This could be networking, contact people you know in the industry, you'll be surprised at how this can benefit you.
Remember that being made redundant is not your fault and not a reflection on you or your work it can happen to anyone. Below is a list of helpful resources that were mentioned in this article;