Coping with Redundancy

Coping Before, During, and After Redundancy

Have you been laid off? Is your company about to have (another) round of redundancies? How will you cope? Just like a change in the weather, the trick is to be prepared…

Top 10 Warning signs of impending redundancy:

1) Industry in decline

2) Profits shrinking, or worse: losses

3) Share price continues sinking for six months

4) Multiple “Reorganizations”

5) Turbulence at the top (Board level changes)

6) Budgetary restrictions – eg. “No travel”

7) Competitors announce layoffs

8) “Non-strategic” projects shelved

9) Layoff rumors denied by management

10) Layoffs announced by management

If your company has been making a loss, or even if their profits have just declined, but most assuredly if their share price is falling, you are at risk.

However, try not to see only the negative consequences of redundancy, but be open minded to all the possibilities.

Read more in depth about Predicting Redundancy

Preparing for Redundancy

Top 10 Things to do to be prepared for redundancy:

1) Stay Positive

2) Make a realistic plan

3) Get out of debt (and be frugal)

4) Know your statutory rights

5) Know what your employment contract states

6) Check your unemployment insurance

7) Talk to your family and friends

8) Get your resume/CV up to date

9) Think about alternative jobs/careers

10) Know that it is not the end of the world

Read more in depth about Preparations for Redundancy

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