Redundant

If you were being made redundant from a management position, were getting roughly a years salary as payout, but the industry you work in is on its arse and theres no jobs there.

Would you;
A - Find a job anywhere to keep the bills paid (I can afford minimum wage if I have to). And use the redundancy money for new kitchen, bathrooms boiler, ps5, tv, holiday and garage roof.

B - Keep job hunting for a mid management level position elsewhere and accept it might take a while to find the right job but eating into the redundancy pay out to live off.

C - Use the redundancy money to live off and pay for training in a different industry.

D - Something else. (I've kids and a mortgage so travelling the world in a camper van is a no go).

If C, what training/qualifications would you do?

 

A

Good luck

 

Would depend on a number of factors.
How old are you ?
Is there another sector you are attracted to and had you been considering a career change ?
Will your industry still be on its' knees in a year's time ?
Is there a lower paid job you'd enjoy doing as a temporary job to keep you busy and save the redundancy pot ? Is there a job that would help you get a decent job back in your sector in a years' time by adding to your knowledge of the day to day industry processes ?
Could you do with a few months off to relax/recharge your batteries or are you more likely to be bored sitting at home over a CV19 winter ?

personally I'd take a couple of months off to have a good think about what you want to do for the rest of your working life and then take the most appropriate job or training available now to help with that.
A years' redundancy is a great payoff but I think you'd probably be bored out of your mind not working for a year with CV19 restrictions and no ability to travel.

Good luck !

 

Sorry to hear of your situation, but treat it as an opportunity.

D
Retain enough to tide you over for at least 6 months. Use the rest to pay down the mortgage. When you are mortgage free you have so many options do not use it to buy items that are otherwise unnecessary.

Look for something temporary, contracting maybe whilst you evaluate your situation and what you want to do going forward. It'll keep you motivated, give you experience in other areas and industries that you might actually enjoy. You'll gain more contacts who might get you a full time job and it;s far easier to gain employment from employment, than it is from no work.

 

Comes down to the same question, which is what do you want to do? If there is a thing you want to do passionately then choose which of those options is the best strategy.

For example, if you want to change industry, an entry level job, where you show you want to get on, will soon get you noticed. But if it requires more substantial retraining, then this is a good opportunity to do a course. Maybe do both.

The only advice is don’t spend the redundancy three times over in your head. It will deplete soon enough.

 

If you enjoy your role then I’d do (A) for 6 months followed by (B). With a bit of self/online training to fill the days and add a new skill/language.

 

It's the Mrs who has spent it 3 times over in her head! I said we'd get a new kitchen if I got a new job.

I've been in the leisure industry for 23 years. Wide range of experience; recruitement, management of various sized teams, HR issues, payroll admin, marketing, sales, customer service and H&S. The whole service sector is struggling so I'm looking for a new idea.

I prefer excel and numbers to word and reports.

I think I'll do temp work from the day I leave, whilst looking for the right opportunity. And that'll help me maybe find the right opportunity whilst I do temp work.

 

Mortgage ideally we would pay off. But would rather keep 20k or so in savings for a rainy day and overpay monthly than pay a chunk off right now/6 months.

 

A would be my choice.

Get money coming in whilst you consider the future. You may well think differently in 6 months time than you do now.

 

You can make £1k/week as a delivery driver these days.

 

Massive Amazon depot is actually about 1 mile away from where I live and one of the options for a stop gap job...

 

Surely the leisure sector will pick up again once this has passed, and they'll be crying out for people with your experience. If it's something you enjoy then I'd suggest getting a bill paying job in the meantime and waiting for the storm to pass, if enough similar level staff have jumped to other industries you may even get paid a premium to rejoin.

That or a new sports car.

Sent from my Pixel 4 using Tapatalk

 

It's what I'd do. At least you won't have some little hitler on your back all day.

 

I'd take the RC option.
Every five minutes a different driver arrives here.
Good luck!

 

Isn't a delivery driver just at the mercy of a computerised hitler instead? I ran into the DPD guy in his van outside the house the other day and asked if he had a parcel for me as I was going out. He said yes but he couldn't deliver it for another 4 minutes because the computer prevents it. Lunacy.

 

You should be more careful! will you have to go through insurance!

 

I always believe its easier to get a job when you already have one, therefore I would take any legal which give you some money coming in, and then carefully apply for jobs which fit your experience, you will make contacts in your new found job which is all part of lives experience!

 

Thin brag about your house furnishings.

 

You should do whatever makes you happy.

If you’re intetested in another industry then go for it.

If you liked the job you did.. get something temp to tide you over, many industries on their knees will start to recover next year.

 

I think that's only for the 'one hour slot' guaranteed deliveries though isn't it? which are the bane of the delivery drivers life. Amazon and I guess most places don't offer that. Probably being a driver who can handle that pressure is where the big bucks are made though!

 

A lot of the delivery driver "employers" are sheisters. Earn 1k a week! (But dont forget you're self employed, not insured, will need to provide a van, pay tax and pay us 600 a month for the privelidge).

 

Tee hee,most are for Bollard Man two doors away,although I did receive a Body Shop delivery today of nail cream,night cream and a face mask which Mr IBB says will improve me no end,especially when the mask is on!

 

Can "night cream" be applied earlier in winter than summer ? Is the cut off point daylight dependant or purely based on the hour ?

 

I've no idea,I haven't applied it yet,I usually apply it before bedtime.
I don't want to frighten Ford and Arthur and the foxes by applying it too early!

 

Obviously your age, savings, financial commitments, etc will impact all of this.

Divide the net redundancy/notice payment you will receive by the average monthly payments you make. then see how many months you have to find a job. One you both want and can live on the income. if you have expensive debt to service, like credit card balances then pay that off. And then recalculate how long the redundancy payment will last. Mortgage payments are more manageable.

In terms of a new job, i am pricing in the vaccines are going to have a positive impact on the economy in Q4 of 2021. Thats a year away for business to recover, but the lack of a trade deal will be a drag on employment.

If you. Are going to retrain, look at what you enjoy and are good at. Then identify your cross over skills, and where you can apply them to best advantage. For example a science graduate will earn more as a teacher than Lab technician.

If you have practical skills and can drive, then i would look at self employment as an option. Painting and decorating, gardening and electricians seem in short supply. On the latter my son in law is struggling to find an electrician. Long story but his recently qualified apprentice lost his driving licence. A van now sitting empty. He even considered just employing someone to drive the apprentice to the jobs, doing fetching and carrying from wholesalers and the paperwork.

Good admin skills to help small businesses is another potential.

 

have you ever met a happy deliver driver though

 

bad news - sorry to hear

how old are you , within 10 years of requirement or still have 20 years to go ?

if I was close to retirement i think I would just do anything that came along, if you have a long way to go take your time and find something you want to do.

If you want to retrain look at an apprenticeship (you can get them up to level 6) might as well get paid while you train

 

£1k p.w is absolute top end, and doesn’t factor in van costs and fuel. Nearer £500-700 p.w net, and very long hours.

 

Whichever job covers the bills and is the least amount of hours, as long as you've got a safety net of savings. Recently switched jobs and gained almost 5 hours of free time thanks to shorter hours and less travel. Never been happier.

The work/life balance of most in this country (myself included, last year) is ridiculous. 12 hours a day with commute, 5 days a week, 40-50 weeks a year, for 50 years. You could get hit by a bus tomorrow!

Spend as much time with your loved work ones and on your own physical and mental wellbeing as possible, imo. Even if it means having £200 disposable each month instead of £500.

 

Every point you make is very true, I would also add the stress level and employer expectation is much lower with a lower paid job and this can compensate for earning higher money elsewhere!

 

I would seriously consider doing something for yourself, or maybe look at franchises as you’ve got the cash to set one up.

Up until this year it would never have crossed my mind to work for myself. The most time I’d ever had off work was to go to Australia for three weeks once. That isn’t enough to break the cycle of feeling like you need to have a job. This year because of Covid and being made redundant I ended up in a position where I was waiting to start a new job for something like three months. That eventually went **** up because of the virus, but I hadn’t worked for that long that it broke the cycle and I just couldn’t bare the thought of working for somebody again.

It gave me the push to start my own business and I couldn’t imagine going back and working for greedy, power hungry people with less knowledge and talent, having to mind what you say all the time and constantly tow the family line and say how fantastic everything is even if it isn’t.

I work much longer hours now but it’s for myself and it’s infinitely more satisfying. I earned well in my previous jobs and hopefully I’ll earn well eventually doing this, but I’d rather do what I’m doing now than earn double or triple doing what I did before.

Granted, part of that is due to Covid and a realignment of what I feel is important, however the two go hand in hand as well. Either way money is less important to me now and actually being happy takes priority.

Of course it’s not for everyone, however you’ve certainly got the opportunity to make that leap so I would give it some serious thought.

 

Work/life balance is important.

I'm on an enforced 3 days a week now. The resulting salary loss means I'm at break even but I so much more enjoy a 4 day weekend. I'm treating it as early semi retirment. In the unlikely event that I'm asked to go back full time I will probably turn it down.

 

what do you do? Very few people have an idea for a business which could be turned into a profitable business.

 

...and the all-time classic failure for small businesses is for those who are made redundant due to excess capacity in their sector who then use their redundancy pay to set up their own business.....in their sector....

 

I could definately run a decent business that focusses on the money making part of leisure, but isnt restricted by limitations of local authority or corporate blandness. Just takes knowledge of what the money making areas are in the sector you know. All aside from covid that is (and the lack of funding required to set up).