Published 20 July 2014
The economy may be recovering but recent research by Glassdoor suggests fear of redundancy has increased in the last few months, with one in three people in the UK concerned about losing their job by the end of the year.
So what can you do manage those fears and protect yourself if the worst happens?
1. Be a contributor.
Make yourself needed. It may sound obvious but by concentrating on doing your job well and developing the business, you will put yourself in the best position. It’s all too easy to get into the ‘I’m just a number’ mindset. But the truth is we are not all doomed. You don’t do your chances any favours by thinking negatively. Remember, in most redundancy situations there’s a selection process. By being a positive contributor you put yourself in the best position to survive a restructure.
2. Sell ‘brand’ you.
Make sure the right people know the good things you’re doing. Don’t assume they know. If you’ve told them don’t assume they don’t need reminding from time to time. Keep on doing good things and keep on telling the right people about them.
3. Network Internally
You network with customers so why not network with your colleagues. Having good relationships with your colleagues and bosses puts you in a better position.
4. Build a pot of money
You’ve probably got a mortgage, debts, people who depend on you. The fear of not being able to meet those responsibilties can cause alot of stress and negativity. Most people don’t perform well under sustained stress which only makes it harder for them to be a contributor (see above). If you can, build up a pot of money equal to three to six months of your net income. It may not be easy but start now and work out a plan to get there. You might need to cut a few things but imagine how good you’ll feel when you get to your target. You’ll know if the worst happens you’ll be okay financially for at least three / six months. You’ll know you’ve got time to find a new job.
5. Consider income protection insurance
There are insurance policies out there that can cover loss of income if you’re made redundant (income protection insurance). You probably won’t be able to take out a policy if you’ve recently been told your at risk or likely to be put at risk of redundancy. Make sure you disclose all relevant events and answer any pre-insurance questions honestly, otherwise the insurance policy might be invalidated. Always read the policy wording carefully and ensure its right for you.
6. Never stop developing
Keep on getting better. Develop your expertise, branch out or specialise in a growing area. Spot the trends early and plan your career carefully. Undertake training and take on new challenges. Whatever it takes to make sure you’re ahead of the crowd. Give yourself some pretty amazing things to talk about if you find yourself looking for a new job.
IMPORTANT: The contents of this page are for guidance only and do not constitute legal advice. You should consult a solicitor without delay if you require legal advice on a particular employment matter.