This archive report was first published on 18 October 2019.
With the recent surge in redundancies, it's essential to be prepared for the worst-case scenario. As a proactive employee, you can take control of your situation and make informed decisions about your future.
According to labour laws, a labour contract is only valid as long as there is work to be done and mutual agreement between two parties. When work ceases to exist, separation or severance becomes inevitable.
It's not uncommon for employees to decline redundancy options, only to resign or be sacked later, leaving with nothing in compensation. To avoid this, it's crucial to understand the consultation process, including the notice period and terms of payment.
Before applying for redundancy, have a word with your line manager to discuss your options and potential next steps. This can be an opportunity to negotiate a better deal or explore alternative solutions.
Once you've decided on your next steps, whether it's seeking another job or pursuing self-employment, make sure to have a plan in place. Update your resume, network with potential employers, and identify job portals to increase your chances of success.
Don't forget to inform your dependents of your decision and agree on how to adjust your expenditure to accommodate the change. Lastly, make the most of the financial package you'll receive and ensure you have a financial safety net for the next six months.
