How to cope if you are made redundant

Jan 09 – 

It’s official. Britain is in a recession.  In the last quarter of 2008 the number of people out of work leapt by 131,000 to a total of 1.93 million – a rate of 6.1 per cent. And January marked the 12th consecutive monthly rise in unemployment to make this the biggest recession in the UK since the early 1990s. So it’s not surprising that a recent survey by the TUC found that around 13 per cent of workers (over 3 million) are concerned about the threat of redundancy, especially when you consider the demise of some of the UK’s biggest institutions.

Woolworth’s, for example, closed its doors for the last time in January after 99 years as the mainstay of the British high street with the loss of 27,000 jobs. Luxury goods manufacturer Burberry soon followed with 1,100 redundancies announced. Whilst Corus and Philips are shedding 2,500 and 6,000 jobs respectively in the first quarter of 2009 along with a further 850 job cuts at Ford. By the start of February it has been estimated that over 50,000 jobs had already been lost with independent analysts suggesting that the current unemployment level of 1.93m is likely to pass the 2.8m mark by the end of the year.¹

If your company has wielded the axe over your job and you find yourself facing redundancy, it is important to ensure that you are fully prepared to cope with the financial, professional and psychological challenges that you will inevitably face once your P45 lands on your desk.

Read more of this post