What is Redundancy
This is a word that very few workers want to hear - unless it is associated with a big payout of some kind (or is that just football managers?)
Redundancy is a way in which a company get rid of you, or basically terminate your contract of employment with them.
Why are people made redundant? There are various reasons, and these can include the following:
- Your job is no longer required - it is unnecessary now for a range of reasons
- The job has been removed through a restructure, so what you were recruited to no longer exists
- The business is going through major change - for instance it is moving, it is closing, or something suitably large
- The business is not performing against targets and has made a decision to reduce costs by reducing levels of staffing
One of the most annoying forms of redundancy is called 'bumping'. This is where you are made redundant because someone else has their job disappear and they get moved into doing your job, which means that you are made redundant at the end of the process - unfair but technically this is a valid redundancy!