King Recruit’s Covid-19 pledge is to help and support the Southwest business community during the crisis and beyond.
- FOR INDIVIDUALS: We are here to provide advice and support to anyone who has been made redundant.
- FOR BUSINESSES: We’ll support local businesses by reducing and extending our terms of business.
- LATEST NEWS: We will be keeping you updated on what is happening across the Southwest in the employment market. SIGN UP for all of our latest news and FOLLOW US on LinkedIn.
A must-read for all – Being prepared
This guide doesn’t just apply for those who’ve been given notice or heard rumours. Continued cuts in public spending and its consequences mean it’s sensible for everyone to take a moment to think how you’d be affected, and put a contingency plan in place if possible.
The threat of redundancy may be more likely in a crisis or recession, but it’s never a bad idea to have plans in place should you lose your job. Budget and make sure you know where you’d stand if it did happen and you’ll save yourself the panic if your job did then become uncertain.
For those currently affected by Covid-19
Whether you knew it was coming or the news was a complete shock, being made redundant can feel like you’ve had the rug pulled out from under you. You’re probably going through a barrage of emotions: shock, denial, anger, worry, anxiety, uncertainty. Losing your job can impact your sense of well-being, negatively affect your mental health, relationships and confidence. It’s important to remember: you will get through this.
Losing your job can be a huge financial hit, affecting your ability to pay bills and bringing about an urgent need to re-evaluate spending. If you’re at risk, there are ways you can protect yourself by planning ahead. King Recruit’s guide details how you can prepare financially, gives tips on minimising the impact if it’s happening to you (say, if you’re impacted by coronavirus) and outlines your rights to compensation.
1. How to prepare for redundancy
2. Sort your finances NOW
3. Redundancy pay
4. Your legal rights
5. Where to get help
6. Reassess your career (and life) goals
7. Network and build contacts
8. Look after your mental health
9. The redundancy checklist
10. Contact us: How King Recruit can help
1) How to prepare for redundancy
Losing your job brings many pressures: worries over mortgage payments, fears of finances falling apart, the stress of job-finding or strain on a relationship (though some may feel the joy of release from a miserable job!).
Don’t let it take hold and stop you moving on to another job, career change, training or even taking time out if you can afford it. By preparing beforehand you can batten down the hatches and hopefully bounce back quicker and stronger.
2) Sort your finances NOW
Nervous about losing your job but not in any immediate danger? Best to prepare for it as if it’s about to happen, in order to protect yourself as best you can.
Do a debt audit. Your credit score while working will usually be much better than if you lose your job, as the loss of income means lenders will be less keen to give you credit.
Therefore, if your existing debts aren’t at cheap rates, it’s best to apply sooner to try to cut their costs.
Pay off debts. If you have any spare savings, use them to clear outstanding credit cards or loans. Having debts hanging over you during redundancy is a nightmare. The cost of most debts vastly exceeds the interest earned on savings.
It’s important you keep access to emergency funds if you need them. If you decide to repay debts, but it takes longer than planned to find a new job, you may need money later on for day-to-day living.
3. Redundancy pay – What redundancy pay-out are you entitled to?
There are three main types of pay-out you can expect:
• Notice of termination. Your employer should give proper notice of termination (in other words, tell you long enough in advance). If there is nothing in your contract, the minimum is a week if you’ve been there under two years, then a week for each complete year (up to a maximum of 12 weeks). Yet your employer may give you pay in lieu of notice, or simply pay you for the period without you attending.
• Holiday pay. If you have accrued but not used holiday days, you are entitled to be paid for these (or given the option to use them in your final weeks).
• Redundancy pay-out. A redundancy pay-out is effectively compensation for your loss of work. The first £30,000 is tax-free though anything above this is taxed at your marginal rate.
4. Your legal rights
The legal rules surrounding redundancy are complex, and we are not HR experts, but in general terms, the following should take place:
• Before redundancy you should have been consulted and you should be given the correct amount of notice.
• All untaken holidays should be paid.
• The company should have considered whether there was an alternative to redundancy.
• Is there another job in the firm you have the skills to do?
• The process of picking who is redundant should be fair.
• If the company decided to choose you on a discriminatory basis, then your redundancy is unfair, giving you grounds to complain and even sue.
• Additionally, if more than 20 staff are to be let go, the law says there should be a period of collective consultation between the employer and ‘appropriate’ employee representatives (usually a union).
5. Where to get help
FREE HELP AND ADVICE
ACAS – Workplace advice for employers and employees
Citizens Advice – Free advice – was your redundancy fair?
HMRC / Coronavirus https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
HR ADVICE
Westcountry HR – https://westcountryhr.com
Rebel HR – https://rebelhr.group
6. Reassess your career (and life) goals
Redundancy may present an opportunity for you to reassess your skills, talent and experiences. What would you like to change about your career? Is this a good time to review your goals, from perhaps way back when you were 21 and you had a career in mind.
Perhaps it’s time to redress your work/life balance and change jobs.
While discussing your option with friends and family can be helpful, talking things through with an impartial, outside person can be a big help in creating clearer goals and identifying what you want from your career (and life) as a whole.
Now is a great time to revise your CV and LinkedIn profile. Here are King Recruit’s guides on:
Start your search: Sign up to job alerts on all of the major job boards, target companies that you would like to work for (in preparation for the uplift), or speak to us at King Recruit to support you through the process. enquiries@kingrecruit.com 01392 790725.
7. Start networking
It’s not about what you know, it’s about who you know. If you are looking for a new position, making the most of your existing network and expanding on your contacts can be beneficial.
Using social media can be a simple way to network at any age. Have a clear social media presence, be proactive in groups, and have an active, engaged account on sites link LinkedIn, professional Facebook groups, even Twitter. Share your expertise and industry knowledge; the more you put yourself out there, the more you can start raising your profile and (hopefully) start getting noticed by the right people
8. Look after your mental health and well-being
It can be tempting to spend every waking hour searching for new jobs, but putting that extra strain on yourself won’t help. By putting 110% into looking for a new role, you can neglect your well-being, become disheartened, and start making small but silly mistakes (like sending the wrong cover letter to the wrong company) that can damage your prospects. It’s important to take time to look after yourself, practice regular self-care and spend quality time with your loved ones.
Alternative therapies, like meditation, yoga and exercise can be a simple way to help you manage stress, mitigate some of the symptoms of ill mental health, and act as an outlet. If you are experiencing mild signs of depression, Mind recommends several alternative therapies that may be able to help.
Here are King Recruit’s 16 ways of getting productive whilst you are grounded at home.
9. REDUNDANCY CHECKLIST
- What benefits are you entitled to? This can include tax credits, housing benefit, and council tax support.
- Overhaul your expenditure – See Money Saving Expert’s Guide
- Don’t ignore the red letters – Face it head-on and speak to your creditors
- Switch your current deals on everything from TV box provider, car insurance, credit card, utilities, mobile phone provider.
- Take a mortgage holiday – The government’s COVID-19 scheme
- Ask for a loan or leasing holiday – Contact your provider
- Start Job Hunting – King Recruit can provide free advice on your CV, LinkedIn profile and career prospects
- Retrain / Learn Something New – The National Careers Advice Service can help
- Self-Learn – Use the internet as a tool to up-skill and download free training resources in your sector
- Mental Health – What measures can you put in place to help you through this period?
- Voluntary Work – The country is in crisis. Helping out at your local homeless shelter etc will support your local community and give you a sense of purpose during this period.
The threat of redundancy may be more likely in a crisis or recession, but it’s never a bad idea to have plans in place should you lose your job. Budget and make sure you know where you’d stand if it did happen and you’ll save yourself the panic if your job did then become uncertain.
CONTACT US
King Recruit is an independently minded recruitment and search agency, covering Exeter and the whole of the South West. For ambitious companies and professionals alike – the core of our mission is to help drive your success.
If you’d like to speak to King Recruit by video or telephone interview advice, please call us on 01392 790725 or email enquiries@kingrecruit.com to arrange a convenient time. There is no obligation. King Recruit is making a Covid-19 pledge to help anyone who needs advice, support and guidance.
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