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How to manage your wellbeing during the redundancy process

What is redundancy?

Redundancy refers to a scenario where a business reduces the size of its workforce in the event that it requires fewer employees. ‘Being made redundant’ is a term used to describe a situation where a person’s employment is brought to an end for reasons of redundancy.

 

What am I entitled to?

Understanding your legal rights helps to clarify your position and alleviate the confusion that can arise when you’re facing redundancy. Simply knowing what to expect can have a calming effect – helping you to move forward as you navigate through this period of change.

To find out about the redundancy process and what it means for you, you can:

  • Visit GOV.UK for information on your redundancy rights
  • Visit ACAS for information on employer’s responsibilities, or if your employer is insolvent, visit GOV.UK for guidance

What can I do to manage my wellbeing?

  • Be kind to yourself

    Losing a job can seem overwhelming and is one of life’s most challenging experiences that none of us are ever truly prepared for. It’s important to know that what you’re going through isn’t your fault and can happen to anyone – don’t blame yourself.                                                                                                  
    Take some time to reflect on your great work, the impact of your contributions, and reward yourself for all that you’ve done. You may find it helpful to make a note of your proudest professional achievements – starting the sentence with “I am proud of how I…”

    Being made redundant can make it easy to lose sight of the positive things in your life. Try making a note of anything you’re appreciative of – no matter how big or small. Taking a few moments to reflect on the things you can be thankful for can go a long way in helping you to feel better and keep things in perspective.

  • Establish a routine

    Developing and sticking to a schedule helps to ensure that you maintain a healthy balance in looking for work, preparing for interviews, and taking care of yourself.

    Block out a couple of hours each day to focus on job searching activities and set a reminder in your phone to help keep you on track. Whether it’s applying for jobs or reaching out and networking with contacts, doing these things consistently and at manageable intervals will help you to find your next role without any additional strain.

  • Look after yourself

    Making time to look after your mind and body is essential to your wellbeing. Try to spend 20 minutes each day practicing mindfulness – paying attention to your breathing – which helps to focus the mind and promotes feelings of calmness. Start by choosing a comfortable position and begin to inhale slowly through your nose, counting “one, two, three, four” and exhale through the mouth at the same count of four. You may also find it helpful to place your hands gently on your stomach, observing how it expands while breathing in and contracts when breathing out. Repeat this technique a few times until you feel relaxed.

    It can be tempting to indulge in unhealthy food and drinks or neglect physical exercise when we don't feel our best or things don't go to plan. Ensure that you eat a nutritious breakfast, lunch and dinner, and set aside time for a light workout every day. Having a well-balanced diet and giving your body the activity it needs will help to keep your mind and body healthy.

    Getting the right amount of sleep is important for maintaining your health, so you should also aim to get eight hours of rest, daily. 
  • Talk to someone

    Facing redundancy can feel like you’re on a rollercoaster of emotions. And in times of uncertainty, people respond in different ways – there’s no right or wrong way to feel. Naturally, you may be in a state of denial; experience feelings of frustration, anger or encounter low moods – all perfectly normal. 

    Try talking to a close friend or family member about what’s going through your mind. It’s often easier to deal with challenges when we talk things through. 

    Interacting regularly with others is essential to our wellbeing and helps to prevent feelings of loneliness and isolation. So, strive to have conversations with loved ones every day, be it over the phone or via a video call. 

    If you're feeling worried or anxious about the future and noticing persistent changes in your mood, sleep or behaviour, get in touch with a GP as soon as possible. The GP can assess your symptoms and advise on any treatment, counselling or support you may need to help you through the situation.

What can I do to manage my money?

  • Check your benefit entitlement

    Ensuring that you’re getting all the benefits you’re entitled to can help to ease financial burden and loss of income while you’re out of work. So it’s worth checking to see what benefits you can claim. 

    Financial support you may be eligible for includes:

    Universal Credit (UC). This is a monthly payment that could help with your living costs. For more information on UC and to check your eligibility for it, please see the Guide to Universal Credit.

    New Style Jobseeker’s Allowance (New Style JSA). This is a fortnightly payment you can claim at the same time as UC, for help while you look for work. To find out more and to check your eligibility for it, please see the Guide to New Style JSA.

    New Style Employment and Support Allowance (New Style ESA). This benefit could be available to you if you’re unable to work due to a health condition. For more information and to find out how to apply for it, please see the Guide to New Style ESA

  • Plan your finances

    Knowing how much money you have coming in and going out can help you to keep on top of your bills. Make a note of your redundancy pay as well as any benefit payments you may be expecting, and list all your expenditures. This will help you to identify the amount you need to set aside to cover your costs.

    Read our guide to budgeting for practical tips on keeping costs low – it can be rewarding to see how small savings add up over time. It’s always worth shopping around for offers and discounts – you might be able to find reductions on your grocery items, or a cheaper gas and electricity supplier. 

    For help with planning and managing your finances, you can:
    If you’re granted benefits, it could help you to meet household bills and general living expenses.
     
    Use the benefits calculator to find out how much you could get – it’s free and easy-to-use.

What should I do next?


Finding a new job might be your overall objective, but breaking this down into smaller goals and tasks can help you to achieve it in a more manageable way. 

Start by creating a job search plan – setting daily and weekly priorities you can work through at a pace that feels comfortable for you. This might include revamping your CV, contacting recruitment agencies, and requesting references from previous employers.

Make a list of the job sites you’ll use to search for vacancies, and determine a time of day for monitoring them. See if there’s a handy tool or program you can use to create a checklist for your actions – marking them as complete once done, or crossing them out one-by-one.

It’s also a good idea to think about how you might reward yourself for each step you take – celebrating small wins can help you to stay motivated and feel more productive. 

How do I do it?


Finding work and managing your career is easier to do when you have the tools and resources to help you. 

Register for access to our free online platform, Workfriend, for support with your employment needs. It includes:

  • a CV builder
  • Job search engine
  • Interview simulator
  • Career development advice
  • The latest vacancies
  • Learning materials

To access Workfriend through BWC, you must be over 18 and either work, or have worked, for a UK bank, or be the spouse, partner or dependant of someone who is a current or former bank worker. Access to Workfriend is available for a six-month period.

How can I get help and support?


If you work, or have worked, for a UK bank and would like to speak to someone for help with managing your wellbeing, call our free and confidential Helpline on 0800 0234 834. We’re open 9am - 5pm, Monday to Friday (except bank holidays).

More support

  • Our support services

    The Bank Workers Charity exists to support current and former bank employees. Find out more about the services and support we provide.
  • How to check your benefits

    This simple benefits calculator helps you find out if you’re entitled to means-tested benefits. And it’ll indicate if you’re entitled to non-means tested benefits too.
  • Stress

    In small doses, stress can help you rise to the challenge. But too much of it can hurt you. Use our guide to learn more about stress so you can make a plan for dealing with it.

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