Are redundancies looming in your organisation?
With the torrent of bad news on the job front, an increasing number of employers are reacting by closing down recruitment avenues or making redundancies
Here is a 9- step Career Management Strategy to help you through the tough times:
- Focus and build upon the aspects of your role that are working well
- Identify where, in your firm’s plan, you can improve your contribution
- Get involved in activities / projects that support business success
- Recommend cost efficient / service improvement initiatives
- Keep in touch with colleagues across the business at all levels
- Place on hold any hopes for a pay rise
- Demonstrate added value, not your cost
- Negotiate your way towards high performing parts of the business
- Take the contingency step - get your Resume updated by a professional Resume writer
If despite your best efforts, redundancy is unavoidable – this 9 point plan will help to soften the impact :
- Know your rights: employers have to follow proper procedures – and if they fail to do so, you can sue for unfair dismissal and could be awarded up to 90 days’ pay in compensation.
- Take out Legal Expenses Insurance: If you feel you have a case for unfair selection, and need legal advice, check whether you can take out legal expenses insurance as an ‘ADD ON’ to your home policy
- Check your contract: you are entitled to either work out your notice period or be offered pay in lieu. Additionally, employees aged 22 to 41 are entitled to at least one week’s pay for every full year of employment, and older workers are entitled to 1½ weeks’ pay
- No Oral Agreements: anyone facing redundancy should have a “dismissal meeting’’ during which their severance package is discussed. Don’t agree or disagree with the initial terms, take time to consider the offer and ask for all proposals in writing
- Tax-efficient payouts: Anything above £30K is taxed at your highest rate and full PAYE deductions will be made. However, if you have left the company and received your P45 before receiving the payout, then only 20pc tax will be deducted
- State benefits; call your local benefits office to ascertain your entitlement to claim and what documentation will be required
- Company Liquidations: if you are unfortunate enough to work for a company that goes into liquidation, you can claim against the company. If there are insufficient assets the Government will reimburse you to a certain degree
- Check your pension: where possible, ensure pension accrual is included in your severance pay: if your severance pay is equal to three months’ salary, your pension receives three months’ employer’s contributions
- Seek to retain company benefits: it may be possible for your employer to include transitional benefits in your leaving package. For example, it may be possible to retain cover for life and medical insurance until the next renewal date.
If you need expert help to write your Resume please Get in Touch - attach a copy of your resume and we will provide a free appraisal and quote for optimising the presentation and content to accelerate your job search