Coping with Redundancy
If you are facing the prospect of redundancy, it is always going to be a tough time… No matter what the type of work you do, or how long you’ve been working for your current company.
Fear not, however, as dark as it seems right now, there are some things that can help you to prepare for redundancy and come out the other side brighter, confident and ready for the next challenge. Coping with redundancy is possible if you have the right mindset, and here, we’re taking a look at how you can cope.
Make preparations
When you’ve been made redundant you will go through a variety of emotions – fear, shock, anxiety and sometimes even depression. So be sure to acknowledge your feelings but try not to let them get you down. Talk things over with a good friend and, if needed, get professional help.
Try not to take redundancy to heart
There could be so many reasons for your redundancy, from your specific role no longer being required, to cost-cutting measures or the business itself closing down. No matter the reasons behind it, it won’t be down to you personally, and you are not alone.
Understand your rights
Double-check your contract to see what you are entitled to as part of any redundancy package. You should have been provided with a written explanation for your redundancy, and within different timeframes, redundancy pay and different notice periods, depending on the number of redundancies and the amount of time you’ve worked for the company.
Look after your finances
Even if you are provided with a lump sum of money, be careful and plan for a rainy day. As you might not know for sure when you are next receiving your pay packet. Put in place a strict budget from day one to understand your financial limits. Make sure to be saving money every day.
Understand redundancy pay
To ensure that you’re getting paid correctly, check all your paperwork thoroughly. You have 21 days to double-check your payments, so make this a priority. Understanding your redundancy pay could be the key to helping you stay financially stable for a couple months before you’re able to find work again.
Get back on track
Whether you’re looking for a new job or thinking of retraining or a return to education, it’s important to remember there is life after redundancy. If you’re planning on throwing yourself straight back into the job hunt, the first step is to polish your CV. If you’ve been with the same company for several years, chances are it needs updating.