DEALING WITH REDUNDANCY

Recent events on the global financial stage have  sent shock waves through the capital’s workforce.  Time was when you secured a job in traditionally secure industries like banking or the Civil Service you could more or less count on it for life. Those days, it seems, are well and truly over.  If HBOS could very nearly go down, who can really feel safe?

The question of how we might cope with our own or our partner’s redundancy is one so many of us will be asking ourselves. Redundancy can have a devastating effect on individuals and their families and result not only in financial hardship but feelings of failure, shame, insecurity and sometimes depression.  

Why me?

First and foremost it’s important to understand that it’s your JOB that’s been made redundant – not you as an individual.  It sounds simplistic, but if you can manage not to take it personally and realise that the apparent ‘rejection’ is to do with market forces and organisations trying to survive in a harsh financial climate, you’re less likely to have your confidence fatally knocked.  Try not to blame yourself – when large organisations are rationalising and reshaping to meet new conditions it’s unlikely that individuals can do much to change the situation. In 2003-4 3,000 people PER DAY were made redundant – they can’t all be ‘to blame’.

 

Look for the Positive

Many organisations go through turbulent times and long periods of insecurity before the redundancies finally hit.  For some employees, therefore, a resolution can feel like a relief and a chance to finally move on.  For others redundancy arrives like a sudden bolt of lightning – unforeseen and potentially devastating.  However it happens, it’s how you react to redundancy that can determine its overall effect. 

Like many life-changing events, redundancy offers an opportunity to look afresh at the future course of your life.  Perhaps you were bored in your job, or it didn’t offer the challenges it used to?  Maybe you stayed on because you valued the apparent security.  Maybe you’ve always wanted to move to another city or even move abroad.  Or perhaps you’ve always fancied starting your own business, working from home or working part-time to give you more leisure.  If you look at redundancy as an opportunity to really reappraise your life goals it may be possible to turn an undoubted negative into a positive.  

Negotiating Your Redundancy Package

Some employers will only offer the absolute minimum, others offer considerably more.  Carefully consider all the options on the table and discuss everything with friends and family.

You may be well offered another post which isn’t attractive to you.  You don’t have to take this and if you’re employer does appear to be forcing it on you, it’s worth checking with your union or your local Citizen’s Advice Bureau whether you might have a case for unfair dismissal. 

Whatever you choose to accept – tread carefully.  Ideally you’d want to have any agreement checked over by a specialist employment lawyer -once you’ve signed there’s usually no way back.  Bear in mind that most organisations have to cover at least some of your legal fees as you negotiate your redundancy package.

How to Use Your Redundancy Money
 
Some people use their redundancy money to start a new business or pay off a large portion of their mortgage.  Others take the opportunity to treat themselves to a new sports car, a house extension, a dream holiday or a horse.  It’s important to think carefully before using the money.  The shock of redundancy does tend to have quite a profound emotional effect on people and they may experience a whole range of feelings from anger, betrayal, hopelessness and  depression all the way through to a kind of euphoria brought about by a sense of freedom.  The main thing is to try to keep a clear head and not make any  decisions too quickly. 

Signing On

Signing on to the dole is nothing to be ashamed of.  The financial support our social security system provides is funded by the taxes we pay every month.  Your local Job Centre Plus not only helps you with financial support but they can be really useful when it comes to finding a new job.  Bear in mind that the employer making you redundant is obliged to give you time off to look for a new position.  Make the best use you can of this time.   

 

Finding a Job

There are so many avenues to finding a new job in the capital, on and offline and through recruitment agencies.  Read our Informed article 'Finding a Job - What to Expect'. 

Useful Reading

Below is a list of additional articles which may be of help to you at this time – including information on how to find a job, how to start a business, how to boost your self-confidence and how to manage your money.

You may also find it useful to talk with others experiencing their own or their partner’s redundancy.  Click here to visit our forums or if you prefer, post a comment below.