Redundancy: What are your next steps?

It’s a term that we’d all try and avoid using, but unfortunately, it happens.

In fact, with the current economic outlook less than rosy, there are suspicions that redundancy could be something that becomes unfortunately more common over the upcoming years.

However, it doesn’t have to be the disastrous finale that it’s sometimes made out to be. There can still be cases of coming out of the redundancy process even strong – and this is what today is going to focus on.

Have you been treated fairly?

First thing’s first, before we get into your tangible options, you need to question the process you are going through.

Redundancy decisions are difficult to make for any company – trust us, they’d rather not be doing it. However, there is a right and wrong way to approach the process, and you need to ensure that you’re falling into the former category.

Try and identify if you have been treated fairly and if not, consider contacting employment solicitors. Companies are under strict regulations to approach redundancy in a specified, formal method. If they’re failing to do this, you may have a claim.

Start to consider your options

Once you’re satisfied that you’ve been fairly treated (or you’re in the process of challenging the decision), you need to start thinking about your options.

The first thing you should do is start to look at your finances and see what you can and can’t afford. If you’re going to be out of work for a significant amount of time, you need to make sure that you can still afford your mortgage/rent and bills. If you can’t, you may have to consider cutting back on some luxuries – at least temporarily.

Once you’ve done that, you should start to look for alternative employment. The best place to start is by dusting off your CV and submitting it to as many relevant places as possible.

If you’re not having much luck, you could also consider changing career paths. This can be a daunting prospect, but it can also be an exciting one. If you’re not happy in your current role, a move could be exactly what you need.

Use your redundancy package wisely

If you’re lucky enough to receive a redundancy package, you need to make sure that you use it wisely.

The first thing you should do is use it to pay off any debts that you have. This will free up some much-needed cash flow and help you to budget better in the future.

You should also consider using some of the money to retrain or upskill. This will make you more employable in the future and could help you to secure a better job.

Don’t be afraid to ask for help

If you’re struggling to find a new job or you’re struggling to make ends meet, don’t be afraid to ask for help.

There are plenty of organisations out there that can offer advice and support. Your local Citizens Advice Bureau is a good place to start.

Redundancy can be a difficult time, but it doesn’t have to be the end of the world. If you’re proactive and you use your redundancy package wisely, you can come out of the process even stronger.