How does redundancy work ?
Oh nooooo!!! We have just read today that the UK has entered its largest recession on record with GDP falling by 20.4% in the second quarter (source: Office for National Statistics).
Its so sad and so depressing although we can hardly say its been a shock. There are an estimated 4 million job losses by the end of this year and for many people, this just doesnt bear thinking about as millions of Britons are facing the grim reality of redundancy in the near future. All we are hearing all around us at the moment are of jobs at risk and companies axing staff. The government furlough scheme has been a godsend to many companies and to many people, but with the winding down of the scheme in October, then what? I suppose knowing that the scheme ends then gives us a little time to prepare and a little time to reassess our job situation and plan ahead.
Many companies offer their redundant staff “outplacement services” whereby they engage with an external organisation who offer practical job search assistance and career guidance. This is essentially a “support” to people who are leaving an organisation and if you are lucky enough to be offered this then do take it!
Journey Recruitment are currently working with a local Wokingham based company and are offering this service which includes the following
- Discussing the type of role/industry that you could/should be looking at in the next stage of your career
- Providing you with constructive advice on your CV
- Looking at the importance of a good CV and a good cover letter and tailor-making your CV and cover letter for each job application
- Looking at your strengths, your weaknesses, identifying unique selling points and cross-transferrable skills
- Advice on where to seek new job opportunities
- Advice on the importance of networking and social media, including recommendations on the use of LinkedIn
- Discussing how the recruitment process usually works with Companies and managing expectations on timelines
- Providing interview tips and advice, including preparation needed and how to handle an interview
- Highlighting any current vacancies that may be suitable
- Providing you with the confidence for job seeking, encouragement and positivity
Usually when outplacement services are offered, you would be presented with a few different job opportunities matching your skill-set, however right now we are facing the grim reality that there may not be many available roles and that patience will be required.
Looking at a positive, you will be paid some redundancy pay if you have been with your current employer for two years or more
You will receive
- Half a weeks pay for each full year worked if you are under the age of 22
- One weeks pay per year, age 22-40
- One and a half weeks pay per year aged 41 and over
- The payout is capped at 20 years and a maximum of £538 per week. You may get more depending on your particular work contract and the first £30,000 is tax free.
- If you have been on furlough or maternity leave, your redundancy pay should be calculated on your full wage.
For now, if we are lucky enough to be employed we should be looking at getting our heads down, working smarter, thinking outside of the box and hopefully bringing the country back to where it belongs.