Navigating Redundancy: Key Considerations Before Signing a Deed of Release

Navigating the unsettling experience of redundancy requires a thoughtful approach, especially when it comes to understanding and negotiating the terms of your departure. Before you sign a deed of release, it’s crucial to seek proper advice to ensure that your interests are fully protected. Here are key elements you should consider and address: Payout: Ensure the payout offered is fair and aligns with your employment contract and any workplace agreements. This includes not only your severance pay but also accrued leave and any other entitlements. Tax Treatment: Redundancy payments can have significant tax implications. It’s important to consult with a tax professional to understand how your payments will be taxed and to plan accordingly to minimise potential liabilities. References: Secure a commitment for a positive reference from your employer. Written references and the promise of verbal commendations can greatly support your transition to a new job. Outplacement Services: Often overlooked, outplacement support can be invaluable. Negotiate for these services as part of your exit package to help you transition smoothly into new employment opportunities. These services can range from resume assistance to job search strategy and interview coaching. Message to Market: Discuss and agree on the messaging around your departure. It’s important that the narrative supports your professional reputation and future job prospects. A mutually agreed-upon public statement can help maintain your professional dignity and clarify the circumstances of your departure to future employers. Legal Review: Finally, have all documents, including the deed of release, reviewed by a legal professional. This ensures that you fully understand your rights and the implications of what you’re signing. Legal advice is crucial to protect your interests and navigate the specifics of your redundancy effectively. Remember, while redundancy is challenging, it also opens new doors. With the right approach, you can ensure that you exit your current role with everything you need to pursue new opportunities confidently.