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Choices for Wellbeing: How to cope with redundancy

The coronavirus pandemic has changed our lives in many ways. From the impact the pandemic has had on mental health to new work-related health issues triggered by working from home and a new hybrid style of working.

Unfortunately, another consequence of coronavirus has been an increase in the number of people losing their jobs and having to cope with being made redundant.

It’s a sad fact that in 2020, redundancies in the UK rose at the fastest rate since records began. However, it is possible to recover from redundancy.

Whether expected or sudden, redundancy can be extremely stressful. If your employer is considering making employees redundant, or you’ve recently lost your job, here are some tips on how to cope with redundancy.

Try not to panic about redundancy

It’s easier said than done but try not to rush into things when you first find out about being made redundant.

Losing your job is a huge adjustment and you’re bound to feel a flurry of emotions. You’ll probably feel stressed, angry, frightened, unhappy and much more.

Don’t take it personally. Give yourself some space and time to talk with others about the way you’re feeling.

There’s a process that a redundancy must go through. This will not only allow you to come to terms with it but also give you time to start planning for what comes next.

Know your rights about redundancy

Everyone has certain rights when it comes to redundancy.

Acas has some helpful advice about the rights that employees have during redundancy.

It’s important to know that:

  • you can only be chosen for redundancy fairly (not based on age, gender, disability or mental health status)
  • by law, your employee must consult you first
  • your employer must tell you how long your notice period is and keep paying you until the end of that notice period
  • you have the right to redundancy pay if you're an employee and have worked for your employer for more than two years
  • calculating your redundancy pay will depend on your age and how long you’ve worked for your employer

The introduction of the furlough scheme during the coronavirus pandemic shouldn’t impact on your redundancy pay. Your full normal pay, before furlough, will be used to work out redundancy pay.

Read more about redundancy pay if you've been on furlough.

Manage your finances during a redundancy

It’s important to think practically. Your finances are probably the first thing you should consider when you’re made redundant.

Money can be a huge source of stress. Creating a budget is a good first step.

The Money Helper Budget Planner can help with this.

Don’t be tempted to spend your redundancy pay straight away. Use your budget to see how long you can use your redundancy pay to live comfortably until you find a new job.

When you’re unemployed, you’ll be entitled to state benefits like Jobseeker’s Allowance. You can find out more at your nearest Jobcentre Plus.

Consider all your options after being made redundant

Redundancy is a massive adjustment that will dramatically change your daily routine.

You’re likely to have a lot of time on your hands. So, use it to take stock of where things are in your professional life.

While losing your job will be understandably stressful, it can also be an opportunity to make a new start.

There are plenty of options open to you now. Consider whether you want to:

  • look for a new job
  • study a new skill or qualification
  • change career
  • work part-time
  • become self-employed or a freelancer
  • do some volunteer work
  • move to a new area or even work abroad

You’re bound to feel negative about something as unsettling as redundancy. But many people have used it as a launch point for a new start in their career and personal life.

Support and advice about redundancy

You can find further information about coping with redundancy from:

Gov.uk

Mind, the mental health charity

Acas

nidirect

If you’d like to find out how our occupational health services can help businesses support members of staff that have been made redundant, contact the team at Fusion today.

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Categories: Choices for WellbeingHealth & WellbeingMental HealthOccupational Health

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