Redundancy looming
In these days of economic turmoil are you worried about your job? You are probably not alone. Unemployment in the UK is now above two million and City analysts reckon that number will top three million by the end of the year.
So what are the options? Well, firstly, if you are in a job at the moment and you want to keep it, don’t do a Hazel Blears and rock the boat! Aim to go the extra mile and become inexpendible – it’s time to get involved in projects at work that are either too hard (for others!) or too unpopular.
In the meantime, read your company handbook (if there is one) and ensure you know your rights if redundancies are announced. Another thing to consider is redundancy and unemployment insurance if you are lumbered with a mortgage. This can help you manage in the period before finding another job.
And if you are facing redundancy, take a look at this useful website containing redundancy tips, including resources and redundancy calculators, as well as general information. As they say on their site, redundancy is a complex issue and each individual’s circumstances will be different, so it is well worth taking legal advice from an employment lawyer. If a compromise agreement is involved, the company will pay for the lawyer.
So are you prepared if the worst happens and your company downsizes? Information is power, and it’s best to get your hands on it before the storm clouds come into view.
Best of all though, it is wise to build up some alternative streams of income while you are in a full-time job. This extra money is nice while you are working, and crucial if the job evaporates. Next time, I’ll talk about other avenues for generating an extra income.
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