Retraining after redundancy might lead to an entirely new career and although redundancy can be a huge transition, it can also open the doors to new opportunities. Although your payout might not be large enough to fund training in a new direction, there are various grants, bursaries and funds available in many career paths which will take the financial burden out of the process. You can also look at doing an apprenticeship and claiming benefits can allow you to do this. Find our more here.
Redundancy What Next?
Redundancy can be a frightening prospect especially if you have had a steady job for a good length of time. If you expect to be made redundant it’s well worth getting your finances in order and paying off as much debt as possible. You can also look into help with mortgage schemes and look for other sources of income which you can do straight away. See how to manage your finances wisely.
Working After Redundancy
Ideally you will get another job straight away but it’s never always so simple. If you suspect a redundancy is looming or have already received redundancy you should get into the habit of applying for jobs and make it a habit. The sooner you can start this habit the sooner you will land a job. You can also future proof your income by diversifying your income portfolio. By having multiple income streams from different sources you are less reliant on only one source which could dry up. This strategy of having jobs and/or businesses in different sectors also means if one particular sector of the economy is hit, you have another job/business in another sector. See how to generate multiple streams of income.
Redundancy FAQ
- Should I join a trade union? If your company or industry has a union it’s well worth joining if you haven’t already. Unions can offer free advice and bargain for a better deal and severance package on your behalf. See this union finding tool.
- How will I pay my mortgage? If you haven’t got payment protection insurance against such an event you may be eligible for government help with your mortgage.
- Have I been Fairly treated? Don’t forget there are laws to protect you and you have rights. If you think you have been unfairly treated you may have grounds to take legal action against unfair dismissal.
- What redundancy payout am I entitled to? The three types of payout are: notice of termination, holiday pay and redundancy payout. Redundancy payout is compensation for your loss of work, holiday pay is accrued holidays not taken and notice of termination will depend on how long you have been at a company. You should be given enough notice before you are simply’ let go’. This will depend on your contract and how long you have been at the company for. The minimum is a week.
Retraining After Redundancy
Have you considered an alternative career by retraining after redundancy? Would you consider a part time business based from home? Take a look at this article for more information: how to make money using a laptop.