How to cope with redundancy due to the pandemic

Through the turmoil of Covid-19, financial losses, economic worries and job security have been key concerns, in tandem with the health risks of the virus.

As many companies go under or struggle to maintain usual activity, especially in highly affected industries, redundancy rates have escalated, again increasing personal worries around money.

If you’ve experienced a Covid-19 redundancy, it’s understandable if you’re feeling stressed, worried and a sense of panic. It’s also reasonable if you’re suffering from mental health side effects, highly probable through mass change and destruction, which commonly resembles the redundancy process.

While for some individuals, industries and companies, the cogs have continued to turn, even on heightened levels for some.

Yet, although government support has been available, unfortunately, many including yourself or a loved one have become victims of the pandemic, through either voluntary or involuntary redundancies.

If you’re struggling, it’s important to remember that normality at some point will resume. We will come back even stronger to rebuild our economy and livelihoods, post-pandemic.

Yet, up until that point, we at Rehab Clinics Group appreciate how long, how stressful and how detrimental this time is for some.

Here’s how to cope with redundancy due to the pandemic, offering some small yet positive tips to prioritise your mental health, your finances and your happy future, in and outside of work.

 

The rise of redundancy rates due to Covid-19

The ongoing pandemic has unsettled and paused the world. Through lockdowns and stay at home messages, the economy has experienced a significant hit. In fact, the self-employed, the employed, small companies, freelancers and large corporations have all been affected by the pandemic.

Luckily, through many streams of financial support, the government has helped to maintain a degree of normality and sustainably. However, not every individual, not every employee, and not every company has been eligible for support through Covid-19.

Down to this, redundancy rates have increased, companies have gone under, and many individuals find themselves in debt.

Redundancy rates due to the pandemic have increased to 370,000, which is the highest rate since statistics have been collected and maintained, starting back in 1992.

While for some companies, decisions around redundancies haven’t been taken lightly, where for some it’s been the only option, it’s understandable that those who have been made redundant face many challenges and worries.

By considering affected industries, Covid-19 redundancy rates have mainly been found in retail, hospitality and tourism industries, all paused to a degree throughout the pandemic. With a lack of security, jobs have also become vulnerable, resulting in heightened redundancy rates.

Understandably, there are some logistical steps which can be followed to reduce redundancy rates, such as implementing the Job Retention Scheme. Yet, ultimately, redundancies are impacting people on even greater scales, advancing money worries, but also impact mental health issues.

Down to this, if you’re struggling, it’s important to know how to cope with redundancy due to the pandemic, your rights and proactive steps to move beyond the redundant status.

 

How to cope with redundancy due to the pandemic

If you’ve experienced redundancy during the pandemic, it’s understandable that you’ll feel a mixture of emotions. To a degree, you may feel relieved yet lack control. You may feel a sense of worry and panic, with financial problems looming.

You may have lost your professional identity or a job that you loved. You may feel stuck down to the pandemic and a lack of opportunities. All of these feelings are part and parcel of being made redundant due to the pandemic.

Here are some tips to help cope if you’ve lost your job due to Covid-19.

Be aware of your working rights
In most cases, redundancies will be made fairly. Yet down to the risk of unfair dismissal, it’s important to be aware of your working rights, along with the reasoning behind your redundancy. It’s also wise to check whether alternative routes can be considered, especially if your redundancy is due to covid-19, as governmental support is available for situations like this.

 

Emotionally coping with redundancy
Experiencing redundancy can be emotionally draining, never mind through a global pandemic. It’s important to consider your own feelings through this time, provide yourself with some space and work on your mental health. Emotionally coping with redundancy can be a big hurdle for many, as your self-esteem may reduce, as your identity as a professional may dwindle and as your livelihood may be paused.

Keep track of how you’re feeling, and if necessary, open up to loved ones or professionals for emotional support.

 

Be productive with your time
Using your spare time productively will be wise, especially throughout Covid-19 lockdowns. Take this time to keep busy, doing positive and healthy activities. By keeping your mind distracted, by keeping your body moving, and by keeping organised and balanced, your mental health will be greater through the experience of redundancy.

 

Think about your next steps
While we understand that this may be too soon for some, thinking about your future will be recommended, especially if your redundancy has been involuntary. Use this time to restructure your CV, to grow your network, to consider alternative career opportunities or to even look at development courses and resources. Remember, many industries are thriving throughout the pandemic, which may carry an opportunity for you.

 

Manage your finances
Any degree of redundancy can cause financial strains. Yet, in the midst of the pandemic, it’s understandable if you are highly concerned about your income. Managing your finances will
therefore, be a proactive tip on how to cope with redundancy due to the pandemic, helping you live to your means, helping you budget and helping you forecast for the future.

 

Speak out
While easier said than done, if you’re struggling in any form through your redundancy notice, speaking out will benefit you. Whether that’s to a loved one or a professional, sourcing support will benefit your mental health, help you gain clarity and also create a proactive plan to regain control over your redundancy status.

 

Look beyond the pandemic

Currently, the pandemic is controlling our lives. Yet, you can look beyond the pandemic and beyond the effects of your redundancy, by remaining grounded, by thinking rationally, and by taking small steps to improve your livelihood.

Knowing how to cope with redundancy due to the pandemic is very important. Yet you must also act on the above recommendations, helping you cope throughout the up-and-coming months.

If you’re struggling mentally through the pandemic, down to redundancy, or down to general feelings of depression and anxiety, at Rehab Clinics Group, we can help. Let’s focus on positive coping strategies to help you through the pandemic.

 

Sources

https://www.theguardian.com/business/2020/dec/15/uk-redundancies-rise-covid-unemployment-rate-job-losses

https://www.gov.uk/government/publications/coronavirus-job-retention-scheme-step-by-step-guide-for-employers

https://www.acas.org.uk/your-rights-during-redundancy