During the terrible times of 2008-2013, redundancy sat on many people’s lips. Suddenly, jobs which had always seemed secure were coming under fire. And, the majority of us felt as though we had to make at least some preparations for if the worst.
Thankfully, those dark days over. In fact, figures released on the 17th of this month show unemployment has fallen to 4.2%. But, that doesn’t mean redundancy isn’t still happening on a daily basis, often to people who don’t see it coming. What’s more, few of us are prepared for this reality. We don’t think about it. Why should we?
But, if things look set to change in your workplace, it’s essential you know how to navigate redundancy. One thing’s sure; this change to your finances could spell trouble. To make sure it doesn’t, consider the following pointers.
Don’t be afraid to negotiate
Your boss will likely already have a redundancy package in mind. But, they’re trying to run a business, and a failing one at that. As such, the amount they offer you may not be as high as you’re expecting. On average, redundancy should equate to at least six months pay. But, you shouldn’t be afraid to negotiate. If your boss is going through official avenues, they should already be in contact with employment law solicitors who can help you both reach a satisfying exit package. This can help you ensure you have enough money to last for the duration of your time out of work. And, that means working as hard as possible to get the best package you can.
Use your employer’s guilt
There’s a distinct chance your boss feels awful about having to let you go. They’re only human, and they likely appreciate you more than you know. But, when a business falls on hard times, difficult choices need to be made. However, it is possible to use the guilt they feel to your advantage. We’re not saying you should blackmail them. But, you could make use of their contacts to earn yourself a new position. What’s more, you can be pretty sure they’ll ramp up your references if you let them know you’re struggling. Don’t overdo this; you don’t want to make them miserable. But, you do want to secure yourself a new job fast.
Fall back on your savings
If you’re sensible with money, it’s likely you have some savings in the bank. Most of us have a rainy day fund set aside. But, whether we’re saving for old age or for a big expense in the future, many of us are reluctant to turn to that money when we need to. But, if there was ever a reason to break into your savings, redundancy is a good one. If it helps, make a note of everything you spend and replace it when you find employment. But, there’s no use struggling when the money is there and waiting. Just allowing yourself access stands to make your redundancy a more bearable experience.