Top 10 Hints & Tips on how to handle Redundancy

You will probably have heard that we are now in a situation where a job is being lost every 25 seconds globally. The global recession is taking its toll on corporations and the reaction is to scale back their workforces to try to ride out the storm.

Today I will be presenting 10 hints and tips on how to handle redundancy. You will probably be in a situation now where you know someone who has lost their job or you may be concerned that your own job is at risk.

1. First and foremost remember that redundancy doesnt mean you are bad at your job. Redundancy affects your job role not your individual performance.

2. If you think you are at risk of being made redundant make sure that you have adequate mortgage protection insurance. This insurance will make sure that you are paid a percentage of your normal wages for around 12 months after you have been made redundant. This should allow you to cover your bills and hopefully give you adequate time to secure another job.

3. Think of redundancy as an opportunity rather than being negative. This is a chance to leave a dead end job and expand your horizons. Perhaps allowing you to setup on your own, to contract or to give you a chance to move into a job thats in a completely different field to your current role. If you have been with your company for a decent length of time you will also have a redundancy pay off that should tide you by and act as a life jacket until you get back into the job market. Write down all your thoughts and possible next career steps on paper so you have a reference.

4. Think about taking a short holiday to reflect on life and decide on your next path after redundancy. Dont rush into anything after being made redundant.

5. If your company offers you a chance of redeployment to other roles in the company take full advantage of this. In todays climate it may be safer to move into another role internally rather than taking redundancy.

6. If you are at risk of redundancy avoid any large financial purchases for example a new car or home.

7. If you are being made redundant then take advantage of company resources such as reasonable time off (during work hours) for job interviews and opportunities to apply for other internal job roles.

8. Take advantage of your own network of friends and work associates to find jobs that may not have been advertised yet.

9. Stay positive and motivated. Keep focus and treat this as a project by breaking down your tasks into small chunks of work.

10. Update your CV however make sure that you dont accept a new role until you have secured your redundancy package. Taking a new job before your termination date could mean that you lose your redundancy pay so be careful here.

So to sum this up you need to understand that senior managers are looking at costs on a spreadsheet and cutting staff is part of business. Often shedding staff can actually have a positive effect on share prices.

Treat redundancy as an opportunity. This could be a life changing event. Often redundancy can inspire people to go it alone and launch that business idea that was rumbling in the back of your mind. Good luck people. We will ride out this recession I can guarantee that and there will be an upturn. There always is.

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  1. No money to go for a holiday. Btw, nice tips.

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