Fail to prepare, prepare to fail..
Redundancy planning is an unfortunate, but essential part of any career plan. Sooner or later technologies will change, and when that happens, if the only thing you have going for you is experience, you might just become redundant.
To help prepare for this sort of thing, it’s a good idea to take the following five steps:
Redundancy Insurance
1. Look into redundancy insurance. The earlier you get it, the less it’s going to cost you over the span of your career. Then balance the cost of insurance against what you’d have if you just set aside that much sterling each month. Go with whichever one is better.
Save for a Rainy Day
2. Work up to saving at least six months worth of salary so that you can be prepared, should the worst happen, and you be declared redundant.
Become Employment and Benefit Savvy
3. Make sure you’re aware of your benefits. In many cases you could qualify for £5,000 and more in benefits, should you be become redundant.
Build Yourself Into An Asset
4. Stay ahead of the curve. Educate yourself, and record the costs of that education. By being proactive, your spending a little extra time now to save yourself from spending a lot of extra time later looking for a job or rushing through classes to catch up. If you’re on top now, then stay there.
Don't Rest On Your Laurels
5. Don’t get lazy. Make sure you keep a network of people you know, who appreciate your value as a professional, and know enough about your work ethic to be spokespersons for your ability.
These are just small steps, but they can mean the difference between working your way into a comfortable retirement, or an uphill battle just when you thought you were about to retire.
Do you have anything you’d like to add? Let us know!
