How to deal with job insecurity

In the present economic downturn, job insecurity has become more prevalent. An employee may feel insecure in their present job because they fear their company will reduce the workforce through redundancies or closures. Or, if an employee has already lost their job, they fear not being able to find similar employment in future because employers tend to offer less full-time positions in periods of financial uncertainty.

Some redundant employees may have to accept part-time, temporary or short-term contracts instead. Although part-time working may be a suitable alternative for some, particularly those with families, temporary or short-term contracts are traditionally less secure forms of employment. In some families, it may be helpful to share more traditional roles, depending on which partner has a full-time job. However, a wider diversity of jobs should be available, as a result of more flexible working practices, and this may benefit job-seekers in the short-tem.

For those worried about redundancy, remember that your employer will have to be objective when selecting candidates for dismissal and that you are entitled to the statutory minimum amount of redundancy pay, if you have given two years’ continuous service. However, you could enquire about redeployment opportunities within the same firm, or ask if your company provides free training to prepare you for job-hunting.

Moreover, you can start looking for work while you are still employed. Potential employers may be willing to schedule interviews in the evenings or at week-ends for a variety of applicants, as they are obliged be non-discriminatory. If you are under notice of redundancy, you may be allowed a reasonable amount of paid time-off work to attend interviews or arrange re-training, if you have been continuously employed for two years by the end of your notice. If you work fewer than 16 hours per week and you are over 18, you may still claim Jobseeker’s Allowance while actively looking for work.

Also, take the opportunity to update your CV. Noting that you are currently employed can actually strengthen your profile. This is because you can indicate that you desire further opportunities, rather than specifying that your fear of losing your present job is your reason for moving on. Finally, it will help to review your finances, and cut down in advance on unnecessary expenditure, thereby ensuring you are well-prepared for any (hopefully temporary) periods of unemployment.