Just accepted redundancy

Dagenham Dave

Just acted on impulse and accepted a redundancy settlement in work.
The place has been on the skids over the last couple of years and is very close to insolvency. I haven't been happy in it for a long time and today when they offered I accepted as my mental health and family life has been suffering.

My worry now is will this have an impact on my future job prospects and CV?

Tenigate

Congratulations!

Redundancy is an excellent reason for leaving a job. Don't worry about it.

Snotty

No it won't effect your CV, the company was in decline (obviously not through your doing) and it wasn't going to help you achieve your long-term career goals.
(or some other such spin that employers eat up)

jimmycrackcorm

Dagenham Dave wrote:

My worry now is will this have an impact on my future job prospects and CV?

Congratulations. Redundancy is absolutely fantastic. Not only do you get to start a new and exciting job but you've also got a load of tax free money on top.

mitresize5

it will have absolutely no effect on future job prospects if you left a job because you were made redundant.

all that should concern you now, assuming it was a nice lump sum, is do you spend some time out with your family or bank the money and get back into the work place ... great decision to have to make

Alanstrainor

You weren't made redundant, your position was made redundant. There's a big difference! Congrats, and you'll have no worries moving forward.

pilly

No I wouldn't worry OP, it's a perfectly acceptable excuse to leave a job. Just be careful with the money. I took redundancy once and apart from a car that's now a banger I've nothing to show for it. It took me 3 months to get another job so the money was quickly spent. And I wasn't too thrifty either.

mrcheez

Lucky! Congrats.

You can claim Unemployment Benefit straight away too (not having to wait as you would if you quit your job).

Deep Thought

Good Stuff..

My role was made redundant in 2012, contracted a bit, got permanent job in 2015 and last April my role made redundant again.

Took 6 weeks off with the kids, started back contracting..happy days

btw, tis your role made redundant , not you...

Macker1

mrcheez wrote: »

Lucky! Congrats.

You can claim Unemployment Benefit straight away too (not having to wait as you would if you quit your job).

Not sure about that. I took redundancy back in 2005 and was denied Social Welfare for several weeks due to having a lump sum at my disposal. You may have to wait. My advice would take a short break and get a job so you can save most of your lump sum. I took way too long a break (health issues involved) but I regret that I spent most of the lump sum.

Snotty

Macker1 wrote: »

Not sure about that. I took redundancy back in 2005 and was denied Social Welfare for several weeks due to having a lump sum at my disposal. You may have to wait. My advice would take a short break and get a job so you can save most of your lump sum. I took way too long a break (health issues involved) but I regret that I spent most of the lump sum.

But it's not means tested if you are on JSB which you should be for the first 9 (?) months, as you've paid your stamps from the pervious employment, which you have obviously been in for a number of years if you are getting a redundancy large sum

bridster007

Snotty wrote: »

But it's not means tested if you are on JSB which you should be for the first 9 (?) months, as you've paid your stamps from the pervious employment, which you have obviously been in for a number of years if you are getting a redundancy large sum

Depending on size of redundancy payment ( think > 60k) , JSB will be disallowed for up to 9 weeks.

amtc

Not always. I got jsb straight away with nearly 200k redundancy. The trick is to go onto illness benefit and it's linked.

LollipopJimmy

Dagenham Dave wrote: »

Just acted on impulse and accepted a redundancy settlement in work.
The place has been on the skids over the last couple of years and is very close to insolvency. I haven't been happy in it for a long time and today when they offered I accepted as my mental health and family life has been suffering.

My worry now is will this have an impact on my future job prospects and CV?

I never have an issue with a candidate has been made redundant. You may be asked to provide some form of proof in the form of a reference, some candidates would lie and say they were made redundant when they were actually sacked etc.

Also it seems your tenure there was reasonably long? Again usually a good indicator.

In short, there won't be any issues and best of luck in your search for something new

Dagenham Dave

Well folks redundancy is going well.
It's been a real eye opener as to just how much I've missed out on with my family, relaxing, exercising and being happy.
I really wasn't sure how I'd adjust but I haven't thought about work once.
I've been keeping busy with lots of jobs around the house and I'm doing a bit of delivery driving a couple of days a week just to keep in touch with the real world.
Met up with friends and family over Christmas and they all commented on how much happier and relaxed I seemed...and I wasn't checking or answering my work phone every 15 minutes.
I realise how fortunate I am that I can afford my position but it really has been a wake up call as to just how important family and happiness are.

Teddy1690

Sometimes redundancy can actually be a blessing in disguise as if it weren't for that you still be in the same job and not see there something better around the corner. best regards for the new year

Dagenham Dave

Teddy1690 wrote: »

Sometimes redundancy can actually be a blessing in disguise as if it weren't for that you still be in the same job and not see there something better around the corner. best regards for the new year

Totally.
I'd got so enveloped in my work I'd forgotten how bloody unhappy I was.
Wages were great but whats the point when you can't enjoy it.

BrokenArrows

amtc wrote: »

Not always. I got jsb straight away with nearly 200k redundancy. The trick is to go onto illness benefit and it's linked.

200k redundancy!! you lucky bastard.

partnership

amtc wrote: »

Not always. I got jsb straight away with nearly 200k redundancy. The trick is to go onto illness benefit and it's linked.

Did you pay a lot of tax on it or could you find a way round

Etc

I was made redundant from a job I hated last year, I'd been interviewing and offered a new job prior to my meeting with HR, finished the old job on Friday with my lump and started my new job on Monday with a 25% hike in Salary.

I can be a blessing in disguise, especially when leaving a place you were unhappy in.

My other colleagues who were made redundant as well all went onto bigger and better roles as well. The other interesting thing was the amount of colleagues who weren't made redundant that came up to me and wished they had been offered a package.

I also think redundancy is a plus on a CV, it saves on the usual "so why do you want to leave" questions.

Delighted it's working out for you OP

Blazer

I also took redundancy nearly 4 years ago and took 3 months time out. I work in IT so first job I went for I got. Changed jobs then 2 years later to be nearer to home and then changed jobs a year ago to go back to my original place into a different , less stressful and better paid job. Awesome
However one thing after getting redundancy is you need 10 years before the next one to get the tax free bonuses again otherwise you’re screwed on tax.

_Brian

I volunteered for redundancy in 2009. The very day I left I was on my way home a van TBoned me at a blind junction, I ended up with life altering injuries and was out of work for 18months. I really thought I’d never work again.

I had to completely change my line of work but it’s worked out well.
My current job allows me work from home a good bit, I can make appts that suit me and travel direct from home so may only go to the office every two weeks.
I drop the kids to school most days, never work late and regular 9-5.

Down a good bit on wages but way less stress, no nights, no multinational BS to contend with, my boss is the soundest guy ever.

madmaggie

I took redundancy in 2007. Be careful of how you invest it. I went to a few banks, and building societies, some of which are long gone. They were all smiles and coffee. I was almost hustled into investments that "had never lost money".

I left it on deposit for ages, did up my house, and bought a decent car. Ten years on I still have a good chunk of that money. Depending on your age you might never have that amount of money again. Guard it well, there are plenty very willing to take it from you. Best of luck in your new life, and enjoy it.

I retrained in a different occupation, now work part time and love it!

yellowcanary

That's fantastic Dagenham Dave. Enjoy this time with family. Get clear on who you are, what skills you would like to use in your next position and the conditions that you would like preferably.
It seems that you are very experienced in your role and remember that you will be an asset to your next employer.
Enjoy your break and think strategically about your next move!
YC