Redundancy occurs when an employee is dismissed due to the closure or intended closure of a business or when there is a reduction in the workforce. COVID-19 has caused a huge increase in the numbers of redundancies companies are making across the UK.
Coping with redundancy
Busy Bee Recruitment writes:
Know Your Rights
Understanding your legal rights can help you to think clearer and regain control of the situation.
- You cannot be made redundant for unfair reasons such as race, age, sex, or disability
- You must have a written explanation as to why you are being made redundant
- You should be given at least 1 weeks’ notice depending on how long you have been in your position
- Always check your rights to redundancy pay
Manage Your Finances
Once you know what money you are entitled to it is worth working out a budget, this will allow you to work out how far your money will go and allow for future planning. Some ways you can manage your finances include:
- Cancelling any unnecessary membership or subscriptions
- Limit spending on non-essential items e.g. new clothes/accessories
- Track your spending
- Re-evaluate any insurance policies
- Compare gas and electricity prices
- Buy unbranded products
Not knowing what the future holds can be very difficult however with the right planning, you can start making your move towards a successful next step in your career.
- Consider taking on temporary work whilst looking for a new permanent position
- Use the opportunity to readdress your career path
- Update your CV – adding any new skills or accomplishments
- Don’t apply for any or every job that comes up
- STAY POSITIVE! - The best years of your working life may be yet to come
Busy Bee Recruitment are 2x award winners for Best New Business of the Year! We are an independent recruitment consultancy covering permanent, fixed term contract & temporary staffing solutions throughout Cambridgeshire, Suffolk & East Anglia.