Worried about being made Redundant? Here are a few Tips
Updated: Oct 30, 2020
82 TSB BRANCHES TO CLOSE IN 2020
By the end of the year 2020, it is expected that TSB will be operating with less than 75% of its current nation-wide strength of 540 branches. This is as a result of its decision to close down over 80 branches over the course of 2020 in a cost cutting move.
The TSB 82 branch closures inevitably mean letting go of a number of new and long-standing loyal employees.
Robin Bulloch, Director of Customer banking at TSB, gave assurance of the bank’s support for employees as the bank executes the branch numbers reduction strategy. In her words, “We realise this is difficult news for our branch partners and will do everything to support those affected to offer voluntary redundancies and redeploy as many people as we can to other roles” Robin’s pledge of support is good news to employees however, where there are significant number of redundancies to be carried out, they are typically implemented like a project wherein Time and Cost become to key focus points. Despite the very best of intensions, trying to run project-based redundancies with a focus on Time and Cost does not typically lend itself to the ability to ‘….Do everything to support’ all affected at the individual level. Mistakes and oversights are bound to happen.
The situation above is not unique to TSB. In recent times, branch closures by large organisations with the prospect of job losses have been widely and increasingly reported. In the month of November alone, the following were reported:
NPOWER – Up to 4,500 jobs
Audi – 9,500 jobs
Mothercare to cease all UK trading
Mamas and papas to close stores (up to 130 jobs to be lost)
Mercedes Benz – circa 1,000 job cuts
Personal experience of redundancy:
In my past life, I have been made redundant and had to make the most of the ‘standard’ redundancy support provided. The term ‘standard’ is used not to dimish the value of the support provided by the organisation, on the contrary, it was most useful. However, for an organisation the size of TSB, it is a challenge to personalize redundancy support for each affected employee and this is understandably so, considering costs and time. As such, we have detailed seven (7) useful and helpful tips to consider ahead of redundancies being confirmed.
Seven useful tips to consider
in the light of pending redundancy
1 Know your legal rights:
Redundancy rules, processes and practices can be very intricate – especially where complex negotiations are to be had with with Trade Unions (TU). So, it is best to begin research on the topic by speaking to your HR or contact ACAS (The Advisory Conciliation and Arbitration Service) or speak to us.
The more knowledgeable you are about the process, the better equipped you will be to deal with an eventual redundancy OR make the most of the voluntary or involuntary redundancy if confirmed.
2. Review and be on top of your financial situation.
Get a clear understanding (where possible, documented summary) of where you stand with debts, savings and investments
With a loss of regular income, your credit rating is likely to take a dip – particularly when your creditors start to miss expected direct debit or recurring payments. This can easily snowball into another financial quagmire
If you think you are likely to accept voluntary redundancy if offered, make a concerted attempt to clear off your debts. There will be a whole lot less financial pressure while on redundancy with the absence of creditors.
3. Protect your income - Insurance.
A key option to consider is to consult with a reputable financial adviser on types of insurance policies that best apply to your personal circumstance. Examples of relevant insurance protection policies include:
Mortgage Payment protection insurance
Payment protection insurance
ASU - Accident, Sickness and Unemployment insurance cover
4. Review your social support network.
A healthy social (support) network goes a long way in providing significant coping structure and mechanism from a mental health and general well-being perspective over a job redundancy period. It is advisable to strengthen existing relationships and also develop new meaningful ones.
Note: Your network may be in a position to either help scan the job horizon for job opportunities OR be in a position to help make those opportunities happen.
Begin networking to create and foster new relationships – again, for the same purpose as above. However, ensure the ‘people-engagements’ are genuine as people can see past a selfish agenda and this may jeopardise opportunities that may have been worth pursuing.
5. Review your current and future self – make ready for your ‘next step’.
A choice can be made to view pending redundancy as an opportunity to review ones current career status versus a desired career.
What is your current personal and career status – is it aligned with your aspirations or will redundancy present an opportunity to get you where you desire to be? If your current job is your dream job, you may want to find a way to keep it or begin looking for something similar.
How much of a gap exists between your current self and your desired future self? Clearly articulating this gap will help paint a picture of what your transition will look like if a career change were to be pursued and what sort of help will be required. This picture will ultimately help determine if a career move should be pursued or perhaps, some other interim step needs to be executed first.
Note: If a career change is being pursued, new starters in an organisation by virtue of their short or non-existent Length of Service (LOS), generally are likely to have less employee protective rights as compared with those who have racked up extensive LOS.
This is the best time to dust-off your CV, get it updated; detailing achievements and accomplishments in your current organisation and aligned with what you aspire to do next. If you do not feel confident updating your CV because….its been a while, feel free to reach out for a chat or contact a professional CV writer – there are tons of them out there. Read this thread from the Money Saving Expert forum.
6. Strength in numbers – (Join a union).
Trade Unions (TU) are membership-based organisation made up of workers and one of the main purposes it serves is to identify, protect and foster its members interests. Such interest can include – better redundancy financial and non-financial packages.
If TU membership is not ‘your cup of tea’, remember that you can always consult with ACAS – as detailed above.
7. Try staying 'consciously' positive.
Mainly for well-being and purposefulness of effort, a positive mind will always put you in a predisposition to cope with a difficult situation such as preparing for redundancy or redundancy itself.
Maintaining a positive mindset and attitude towards your current work responsibilities, colleagues and changing employment landscape, helps put one in a position to easily identify opportunities and effectively exploit them. Remember, while life and circumstances may change (sometimes even for the better) as a result of redundancy, life itself does not come to an end.
Lastly, it is worth mentioning that having and maintaining a positive mindset requires a conscious effort and this is also where a healthy social network comes into plays also.
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