Redundancy coming...trying not to panic

[ohreallywhatnow]

Not sure why I'm posting but I was told off the record yesterday that my role would be redundant in the next 2-3 months.

I'm the sole bread winner with a big ish mortgage and 2 kids.

I'm in a Senior role with good pay but we live to our means.

I've only been there just over 2 years but was on a non permanent contract for years before that.

There aren't many jobs in my field paying what I need (6 figure salary plus) and I'm peri-menopausal and somewhat struggling working from home. A new role is likely to be 3 days a week commuting 2 hours each way to London, even if I can get one. Also, I'm guilty of staying in one area and not really keeping up with new skills/knowledge as much as would be ideal.

I'm trying not to panic but feeling really overwhelmed. Our family rely on me financially to pay the bills. I've also had a lot going on lately with poorly parents and this just feels another mountain to climb. Has anyone got any advice, words of wisdom or similar positive stories please?

Oh that's a shit thing to hear, sorry OP.

Can you contact any former colleagues who might have opportunities or be able to put you in touch with others who might?

You've mentioned being the sole breadwinner but haven't said you're a single parent, is there another adult in the house who would be able to take steps to contribute financially?

In the meantime I would meticulously list all your expenses and see where any cuts/savings can be made. And if you have savings work out how long you can stretch them for.

Thanks for replying.

Yes I've been thinking about contacts I could reach out to. There aren't a huge number given I've been where I am quite a while but I will do this.

My DH gave up his job, a joint decision some years ago, to be the main carer for our kids, one of whom has special needs.

We will definitely start making some cut backs. Sod's Law we paid in full for this years holiday last week!

I will get 3 months notice when they officially tell me. This gives a bit of time but I feel hugely daunted. I'm going to do my cv starting Monday and polish my LinkedIn. Ironically I've always been rated a high performer.

Apparently, my role is being downgraded to the grade below me. I was told I could apply for it but would, if successful, have to do the same role for a lot less (which we can't pay the mortgage on type of less) with the more junior job title! That just seems humiliating and isn't an option.

I'm taking deep breaths and trying not to panic!

Two things:
You say "I've only been there just over 2 years but was on a non permanent contract for years before that." - if those contracts were continuous and there was no break of a week or more between them, then your continuous service for the purposes of redundancy include the whole of your employment. There is no such thing as a "permanent contract" although many people think there is. How long have you been there without a break in service - because that is what counts.

And:
"There aren't many jobs in my field paying what I need" and "Apparently, my role is being downgraded to the grade below me. I was told I could apply for it but would, if successful, have to do the same role for a lot less (which we can't pay the mortgage on type of less) with the more junior job title! That just seems humiliating and isn't an option." With respect, if you can't find another job that pays what you are on, taking the job at a lower grade is going to be a lot easier to live on than unemployment benefits (which also won't pay the mortgage). Suck up "humiliation" and take the job if that is your only option, and use that to look for another job that pays what you want. If it is the same job then you have the right to take it, and it would almost certainly be unfair dismissal if they refused to give it to you. There should be no need to apply. Assuming it is definietly the same job, or one that is almost exactly the same.

Agree with EmmaMaria that I’d go for the demotion job in the first instance as at least then it’s some money coming in (presumably you would then also retain your 2+ years’ employment rights?). I’d choose that over signing on!

Explore your options with your mortgage provider as you may be able to reduce payments or take a payment holiday for a few months.

I’d also say it’s a good thing that you’ve paid for the holiday - the money is spent and you don’t need to worry about having to find £££ for the balance when funds are tight.

Firstly, don’t panic! But I would start updating your CV, really thinking about all you’ve achieved in your current role. Then also update LinkedIn if it’s not already. You also have time to do some online CPD or perhaps if possible and applicable joining relevant webinars or face to face events - so that you feel up to date in your sector and more confident if you need to apply elsewhere.

I was made redundant as the main breadwinner whilst on mat leave with DC2, initially I was worried but networked, spoke to contacts and managed to find a role quickly, that whilst not perfect gave me a decent income and then I kept looking and moved again 18 months later. Good luck!

If OP takes a lower grade position, it will be almost impossible (very, very hard) to get a role on her current level as recruiters will look at her current ("demoted" role) position, her current title and her current responsibilities.

I'm in a very similar position and got made redundant a year ago. I was offered another position but it felt like a downgrade so didn't take it. Stupidly. It's a very very hard job market out there. There is literally nothing worth having.

I strongly advise you to take the job and have less stress when you are looking.

Could you negotiate something along the lines or more wfh or something?

It's impossible to get a "promotion"? If that is the case then there are no jobs and she won't get any job. Uou may as well argue that recruiters won't want someone who has already lost a job at that level. In the end recruiters do what is in theit own best interests, and recruit who they think will be the best fit for the job. If they do anything else, you don't want to work for them.

Also remember that you can negotiate - don't assume you can't at least try this.

So maybe you could take the demotion in pay, but retain the job title - that might strengthen your position when applying for new roles?? Or keep the pay level, go 4 days a week (cheaper for your employer if they are struggling)? Or something else, brainstorm some ideas.

Could you find out how much redundancy pay you'd get. That'll first give you an approximate timeline of how long you will last before money is an issue. In redundancy companies do not necessarily honour the notice period. They can let you go quickly whilst paying you (pay-in-lieu-of-notice PILON) for the notice period on top of the redundancy. This is taxable as normal while redundancy pay is non taxable.

Can you find out how much you'd lose if you took the lower grade position? Given the higher rate tax you in-hand salary might not be a huge drop. You could negotiate to hold on to the title (or simply not change it on LinkedIn) and continue to look for other options. However you'd lose out on the redundancy pay & pilon.

You will need to work out both options to see which is financially better, ok for your career and family. Being able to work remotely and flexibly is a perk not to be taken lightly. You might struggle to find it in a next role even if they pay you well. Plus all the upheaval and effort of a new role etc. neither is easy when you are peri-meno and with substantial family responsibilities.

I was in an identical position 2 years ago. Thankfully I managed to find an excellent position even before the redundancy played out. So I got both. But I believe the job market is brutal now, so might not be as easy now,

Good luck!

Sorry to hear this op, redundancy is so stressful

Also, don't rule out the option to apply for other high paying roles within your current company. New roles will come by but in my experience politics is played and people bag the role through negotiation even before the roles are announced, if you can find a mentor who can help that would make this work out for you.

Sorry I meant new roles as part of the restructure which will underpin the redundancy.

That's not about "promotion". That's about to find a new job which will be equal to her current (now current, before accepting lower level role) level, while working on proposed demoted place. Recruiters would not even consider it. Unfortunately, that's first hand (well, not mine, my husband's) recent experience.

That wold be much better - to retain the title, but accept reduction in salary.

That just seems humiliating and isn't an option.

If it's hard to find a similar job outside of your company, then maybe it's a better option than being unemployed.

Should your husband look at what paid work he can do as well?

Can you speak to your mortgage company and negotiate a mortgage break if necessary?

That may be his experience but there is no reason to think that it would be the same for the OP. In any case she has already made it clear - there are few if any jobs in her industry that offer what she is on now, and there is nothing in her current company that offers what she is on now. So in any scenario she will be unemployed or earning less than she now does. Staying on her current salary is not a viable option if there are no jobs paid at that level. In fact, given what the OP says about there not being jobs in her field that pay at this level, that may be an explanation for the redundancy.

From financial perspective it's better to accept lower level job, but from carrier perspective - absolutely not. That's for OP to decide which is better for her in this situation. Being a Director of the department, accepting a Lead of ... position would not let her find a new Director of the department job in another company. Most probably. It is how it is, maybe brutal, but honest. It's up to her to decide.

Thanks for the thoughts everyone. I've been reading them.

There are jobs on what I earn but I need to brush up AND they don't come along constantly, there are a few a year.

I work as a director for a corporate firm so stepping back to a level below would be impossible to put a positive spin on and make securing a new role even harder. I'd literally need to remove visibility of ever having worked as a Director from my CV which seems crazy. If recruiters thought I'd been demoted they'd assume the worst and it would likely have long term career consequences.

The role is for a foreign part of the company and they need to cut costs and don't care really about the people or impact on their ability to deliver.

I'll get 3 months notice plus possibly a month as I've only been a permanent employee for 2.5 years. Before that I worked for them as a contractor through a 3rd party and did a different but similar role.

I've been busy declining and cancelling meetings today and making time so I can stop working 11 hour days and have time to write my cv (which feels daunting!)

If the only option was between the demotion or nothing, couldn't there be some sort of positive spin by saying the Director position was made redundant but the company wanted to retain you/your skills during whatever transformation/restructure is going on? Then a) it explains the loss of position (but keeps that experience on the cv and b) shows that you/your skills were still highly in demand by your employer?