Redundancy advice for bank workers

Redundancy happens when a business reduces the size of its workforce because it needs less employees. ‘Being made redundant’ describes a situation where someone’s employment is brought to an end.

Redundancy can be upsetting and confusing. Simply knowing what to expect can have a calming effect, helping you to move forward. This includes understanding your legal rights:

• Visit GOV.UK for information on your redundancy rights, or if your employer is unable to pay their debts
• Visit ACAS for information on employer’s responsibilities

Losing a job is something we’re never truly prepared for. Just know that it isn’t your fault and can happen to anyone. Take these small steps to reflect on your great work, the impact of your contributions, and reward yourself for all that you’ve done:

• Make a note of your proudest professional achievements, and things you’re appreciative of in your personal life
• Speak to your line manager or HR about your Employee Assistance Programme (EAP), which may be able to provide support
• When the dust has settled, try sticking to a daily routine to focus on job searching
• Plan and stick to a healthy diet. The NHS has some helpful advice, plus a useful healthy weight calculator
• Quit smoking with help from Smokefree
• Drink less alcohol with support from friends, family and the NHS
• Start being more active with help from the NHS
• Try to improve your sleep quality with regular routines
• Explore our mental wellbeing guides for adults and children to help manage any overwhelming feelings
• Stay in touch with friends and family to ease your mind. From a text, to a phone call or walk in the park

Taking quick control of your finances after a redundancy can be a helpful way of managing your financial wellbeing until you get back on your feet with a new job. Try the following:

• See if you’re entitled to Universal Credit (UC), which is a monthly payment that helps with living costs
• Explore New Style Jobseeker’s Allowance (New Style JSA), a fortnightly payment you can claim at the same time as UC, for help whilst you look for work
• Think about New Style Employment and Support Allowance (New Style ESA), available if you’re unable to work due to a health condition
• Use our helpful benefits calculator to see what you may be entitled to. And remember, benefits are designed to help us when we need it
• Try our budget planner to help get you started with a budget. Gather your financial information, like payslips and bank statements, and set aside 30 minutes to complete it

Starting a job search may seem overwhelming, but it doesn’t have to be. Ease yourself in with smaller tasks to make it more manageable:

• Create a job search plan with daily and weekly priorities you can comfortably work through. Set aside time each day to focus on it, from updating your CV to contacting recruitment agencies and requesting references
• Make a list of job sites and start monitoring them daily
• Speak to your line manager or HR to see if they can support your job search, including reasonable time off to look for a job or attend training if you’ve been with your employer for over 2 years
• Celebrate small wins with your friends and family to help you to stay motivated

If you still have questions, or don’t think you’re being treated fairly, we’re here to help.

• Explore MoneyHelper for guidance on making the most of your money
• Visit the National Debtline for advice on dealing with debt problems
• Visit Citizens Advice for information and guidance on a range of money challenges
• Or if you just need someone to talk to, explore our partner, Law Express. Or get in touch and let’s chat things through