I’ve been made redundant – What do I do?

I’ve been made redundant – What do I do?

Redundancy is something we all hope to avoid – however with planned redundancies rising by 103% in just one month at the start of 2022, this may have happened to you. Being made redundant can leave you feeling lost, unaware of where to try to start again or how to manage the loss of income. In the hope of providing some insight and inspiration, as well as some useful advice, here is a guide on what to do and consider after being faced with redundancy.

Initially, it’s important to cover your personal financial bases. If living on your own, it is important to break down your current spending and any other income avenues you still have. Budgeting is hugely important regardless but especially after having an income stream cut off so suddenly. Make sure over the coming months you have a rough financial plan to ensure you know how you can get by, and reduce the day-to-day stress of spending.

Don’t forget: here is where you can ensure you’re claiming any financial compensation you require. Seeking council tax reductions, chasing up the correct statutory redundancy pay or claiming a jobseeker’s allowance if looking for a job are all key in ensuring safety in your finances and keeping you on your feet. Know your rights, and with growing accessibility online you can find a variety of tools to help you manage what you’re owed if made redundant.

If you have lost your job, it’s possible you don’t want to move straight into finding a new one. This time can allow for searching and exploring different paths; if you felt stuck in a job you didn’t enjoy, take your time to look in a new direction. Consider re-entering education, or taking up a smaller part-time role to allow some time to explore other future career prospects that may require more qualifications or that you simply haven’t found yet. Redundancy doesn’t have to be a scary, fast and stressful problem. You can opt to use your time to explore more, and find a career in something you truly love or simply further your education and qualifications to make yourself a better employee candidate.

Ensuring and solidifying your personal income, and the ability to financially support yourself after losing your job doesn’t have to be day-to-day stress. Seek financial compensation owed to you and draw up a budget, independently or with whomever you may share finances with, and feel freer from the burden of day-to-day financial stresses. From here, it is entirely up to you to decide the path you take. Finding small, local part-time work in the meantime is now easier with online job finders, and the endless opportunities to explore the world of adult education can open so many doors you may not have even been aware you could open for yourself.