I’m facing redundancy from my organisation. What should I do?
It can be very stressful knowing that your role is to be made redundant. Here are some tips to help you with the practical and emotional challenges it can bring.
- Know your rights
This will depend on your organisation and local employment law but always check out the exit terms and notice periods in your contract as well as any in-house redundancy policy. If appropriate you may also want to get some professional legal advice, to make sure that due process is being followed and you receive everything to which you are entitled, including outplacement support to help you find a new role.
It can be easy to take your redundancy personally and to feel aggrieved either by the decision or by the process leading up to it. However, try to maintain a civil relationship with your company wherever possible, even if you disagree over the manner of your exit. You will still need a reference for your next job and your paths may cross again in the future. When talking to prospective employers about your redundancy, present it as having been a tough commercial business decision that your ex employer needed to make rather than a personal one about you. Don’t criticise the company or particular individuals as this will not be well received.
Always ask for more than your employer is initially prepared to give whether it is an enhanced lump sum, extending your leaving date, or keeping the company laptop. If you are working with an employment lawyer then they can also negotiate on your behalf. See www.personalcareermanagement.com/settlement-agreements for more advice on negotiating settlement agreements
Many companies will pay for outplacement support to help you with finding a new job, so it is always worth asking for this as part of your redundancy package. This is where a career coaching company like Personal Career Management can help. If this is provided for you via the company then it is also usually considerably cheaper than if you purchased it privately as you will save on VAT etc.
- Brush up your employability
Assess whether there are any gaps in experience or training that could be a barrier to getting another job. It’s a great time to take some of those courses you have always been too busy to go on as not only will this enhance your skills, it will also impress employers with your commitment to continuous professional development. There are many courses you can study for online alongside looking for a new job.
- Plan your Finances
Calculate your financial situation so that you have a realistic picture of your finances and cash flow. Finding a new job can sometimes take a few months, especially if you are looking for a more senior role so it’s wise to be careful with the finances.
- Think Positive
All of your stress management strategies are likely to be needed here, whether it is stepping up the exercise, yoga or mindfulness, spending quality time with family and supportive friends and doing things you really enjoy.
Organisations are transforming themselves all the time so it’s very common for roles to be made redundant as they reconfigure what they want for the future. Keep abreast of technology, compliance issues and other changes in your industry and you will be able to protect your employability even if it means moving elsewhere.
Corinne Mills is Managing Director of Personal Career Management, the leading specialists in career management and outplacement services who are the official Career Management partners for the ACCA.
As part of ACCA Member benefits, Personal Career Management offer ACCA Members a free career conversation and a 10% discount off any career coaching or outplacement programme.
If you are looking for help in reaching your career goals, or assistance with a practical job search strategy, then call Personal Career Management on +44 1753 888 995 for a confidential discussion or fill in their online contact form