Sadly, as the wider economy struggles and the Coronavirus Job Retention Scheme winds down, it seems inevitable that there is going to be an increase in the amount of redundancies over the next few months. If you find yourself in this situation, here is some redundancy information that may be helpful.

Entitlement

This is a stressful time and thinking will be dominated by the impact on income. Despite the wholly unique set of circumstances brought about by Covid-19, redundancy entitlement remains the same. Be sure to check your entitlement and ensure you get them. For example, if you have been on furlough you will still have accrued holiday entitlement.

If you live in Wales and meet other criteria, you may be eligible for the Welsh Government’s ‘Re-Act Funding’. This provides opportunities for individual training and salary contributions for future employers.

Jobs market overview

The jobs market has changed drastically and in a rapid way. Before ‘lockdown’ there was nearly full employment and record number of people in work. This is known as a ‘tight’ labour market. There were more jobs than candidates.

However, the current economic crisis will see an influx of candidates entering the jobs market looking for work, mainly through no choice of their own. This is known as a ‘loose’ labour market. There will be more candidates than jobs.

Unfortunately, this does make looking for a new job doubly difficult. For one, employers will be reluctant to hire unless absolutely necessary. Secondly, competition will be fierce and for companies who are recruiting, they will be inundated with high quality candidates and able to ‘take their pick’.

For individuals, this is something that is outside of your control. There is literally nothing to be done so it is better to accept this for what it is and not become too despondent when interviews and offers are not forthcoming.

However, there are some positives. There is evidence that ‘time to hire’ statistics are improving which means moving through the stages of the recruitment process is becoming quicker. This is in part down to the use of video interviews which speeds up interview timelines and ultimately decision making.

Job search

The standard methods remain; be sure to search for vacancies on the usual job boards but increasing employers are placing their adverts on social media platforms and Google for Jobs. Create a LinkedIn Profile and try to be active on that platform. LinkedIn is not where everything happens but a lot of new information can be found on this site.

From a mental health perspective, it’s important to give yourself a break and not sit in front of the screen for hours. Have a structure like you would approach a task at work. Looking for a job is a job in itself!

Psychological

When we speak to people who have gone through a redundancy process, they tend to say ‘I was made redundant’. It is important to change your thinking on this. An individual cannot be made redundant. Instead think of it as ‘my role was made redundant’. This might protect against negative feelings. Don’t let the situation own or define who you are.

For more information about the support available please visit the official government website.

Bowen Eldridge Recruitment is a Recruitment Agency  based in Cardiff that specialises in Accountancy Practice, Finance and Marketing roles.