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Redundant because of the credit crunch?

by Ros Kindersley on 15/09/2008 in CorpComms Online | share me: del.icio.us | digg | reddit

This morning my boss mentioned that because of the credit crunch I am likely to be made redundant. Why use the word ‘likely?’ What exactly does this mean? And what should I do?

About the author:

Ros Kindersley

Redundant because of the credit crunch?

Dear Ros

This morning my boss mentioned that because of the credit crunch I am likely to be made redundant. Why use the word 'likely?' What exactly does this mean?   And what should I do?

Susanna B., Bristol
 
Dear Susanna,
 
First of all it your job that is being made redundant, not you. So it is not a personal issue, but a business decision.  From a legal point of view all organisations, public and private sector, should adhere to a formal protocol which involves a consultation period where employees are made aware of the possibility of redundancy, while alternative roles within the organisation are considered. In my experience the suggestion of 'likelihood' almost always becomes a certainty.
 
As soon as redundancy discussions begin, my advice is to accept the fact that you are going to leave your job in the near future and try to negotiate the best terms you possibly can. This means financial compensation, goodwill, good references and no restrictive covenants. It is important that you know your entitlement, and in some cases you will need to take professional legal advice.
 
Redundancy is not a disease. Look at it as being an opportunity, a punctuation mark in your career. You are now what is known in the job market as, 'available immediately.' This means that you can consider freelance and interim roles as well as permanent jobs. You will also have the time to look around the market, consider new avenues. This is valuable time - use it.
 
The credit crunch has made potential employers think carefully before hiring new staff. Given a choice of a candidate on three months' notice, who has clocked up five years' credit with a current employer, and a candidate who is free immediately and has nothing to lose, you can imagine who will be selected. Indeed, being freely available opens up doors that might otherwise be closed. Employers find the idea of a freelance or interim solution very attractive in times of economic uncertainty. I have found that during a downturn, those clients seeking an ideal permanent employee can act as if searching for the holy grail, whereas the first good freelance or interim candidate may be offered the contract on the spot.
 
I hesitate to use the phrase 'try before you buy' but it actually describes exactly this. It gives both parties the opportunity to decide after a trial period. In many cases, these interim contracts evolve into permanent roles.
 
If you are in the lucky position to have the opportunity to take time out before starting a new job, this is the chance to go travelling, enrol on a course, spend time with your family. It may be the only time in your working life that you have this sabbatical period. Make the most of it.
 
We have a working culture where moving every three to four years is seen to engender new ideas, fresh thinking and renewed vigour to both the individual and the organisation. So there is no stigma to having a break in your career. If your job is made redundant, and you find yourself available immediately, play this card to your advantage.
 
Ros Kindersley is managing director of JFL Recruitment

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