What To Do If Your Company Has Gone Into Administration

If you’re in the unfortunate position of learning that your employer is about to go into administration then chances are you’re feeling anxious and worried. In times such as these it is important not to panic and jump ship into another job which may well not be suitable or as rewarding as your previous job. You’re better off staying put and riding the storm. Quite often the company is taken over by another, in which case your job may well be safe, and meanwhile it gives you a chance to analyse the situation and put some plans into place, should you find yourself out of work

What To Do If Your Company Has Gone Into Administration

Firstly, begin by writing a list of jobs that you are interested in and what you consider your skill set to be. This will help you in any interview situations either internally or if moving to a new job. There are also a few other things you can begin to do to prepare yourself to move on, if need be.

Know your redundancy rights

Redundancy can occur when a company goes into liquidation and as an employer you have certain legal rights.
You should be consulted in advance and invited to discuss the situation and explore any alternatives.
Be given fair reason for the redundancy
If several people are affected, then you should be given the basis of the selection process and should yourself be subject to a fair process of selection
You should be able to try out any alternative suitable work for 4 weeks
You should be entitled to take a reasonable amount of time off for job hunting, ie. attending interviews and so forth

How about benefits?

If you have worked continuously for your employer for two year or more, then you are entitled to a statutory redundancy payment. You don’t have to claim this from your employer, it should automatically be given to you. How much you will receive depends on how long you have worked for your employer, your age and your current salary. Your employer may also offer you a company redundancy payment and you should be able to check the details in your employment contract. However, if your employer offers to keep you on, or offers you other suitable work which you turn down without a good reason, then you will not be eligible for statutory redundancy pay.

Update your CV

Take this chance to update your CV being sure to include any achievements gained or projects that you have played a major role in. It may pay to get your CV written professionally, if you haven’t much experience in selling yourself.

Search out companies

Spend some time researching other companies that may have similar job roles to the one that you are in at present and send them a copy of your up-dated CV, following this up with a phone call.

Networking

Social media sites are a great place to search for jobs and to put out your job profile. Twitter Chats operate a real time slot for job hunters and Facebook and LinkedIn are another couple of great sites which connect businesses with candidates.

Ask family and friends to keep an eye out

Finally, ask your family and friends to keep their eyes and ears open and let you know if they see or hear of any job vacancies which could suit you.
Knowing your employer is in financial straits is not nice and it can cause major issues with your family. Do your best to remain calm and stay focused on your current job, whilst also making sure you are prepared for any eventualities which might come your way.

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