Recent data from Renovo suggests that out of those facing redundancy within the next 12 months, over half are considering a change in career.
Those facing redundancy will often be presented with a Settlement Agreement. Essentially, these agreements prohibit the employee from pursuing a multitude of claims against their employer in exchange for a final payment being made. However, the catch is that the financial settlement may not be worth as much as a potential claim the employee may have against their employer.
Settlement Agreements are legally binding documents, so it is vital that those facing redundancy seek expert legal assistance on the terms of the agreement to ensure their employment rights are protected.
SIX IN TEN EMPLOYEES FACING REDUNDANCY ARE PLANNING CAREER CHANGES
Research reveals that nearly 4 in 10 (38%) UK employees anticipate being made redundant within the next 12 months. Of this group, 60% do not plan on continuing their current career path post-redundancy.