Jack’s Empowerment and Inspiration: 73. RISK MANAGEMENT - Jack’s Redundancy Empowerment - empowering redundant workers - empowering redundant staff - Jack Lookman

73. RISK MANAGEMENT - Jack’s Redundancy Empowerment - empowering redundant workers - empowering redundant staff - empowering redundant employees - making redundancy work for you - is redundancy a dead end? - is redundancy the end of the road? - making the most of redundancy - empowering the redundant worker - Jack Lookman - Rita Nnamani - Olayinka Carew - Ola Carew - Jack Lookman Limited - Amebo - Ire o - Ire kabiti - Empowerment and Inspiration - Empowering And Inspiring Generations - Yinka Carew - Olayinka Carew aka Jack Lookman - Jack’s Empowerment and Inspiration

Risk management is basically learning to foresee unexpected setbacks and creating buffers around your life before they occur. Many workers only consider risk when something goes wrong, but redundancy serves as a reminder that hazards exist whether or not we prepare for them. The UK labour market is volatile. Industries change swiftly, organisations decline unexpectedly, and automation can replace jobs overnight.

One of the most significant concerns is relying solely on one source of income. Redundancy demonstrates how susceptible such dependence might be. It demonstrates how quickly the floor may shift. For many employees, particularly those living pay cheque to pay cheque, the shock is more than just emotional. It's financial. The rent is still owing. The bills still arrive. Children still require things. Risk management teaches you to build a cushion. Even a small one. A savings buffer of a few months’ expenses may not remove all stress, but it buys you time. Time helps you make better decisions instead of panicked ones.

Another risk is skills stagnation. Many people stay in their roles for years without updating their skills. The job becomes familiar. The tasks become predictable. You get so comfortable that you forget the industry around you is moving. Redundancy makes this painfully clear. Suddenly you see job descriptions requiring software you have never touched, processes you have never learned and expectations that feel foreign. Risk management encourages ongoing learning. Not waiting until your hand is forced. Even small, consistent upskilling can make a huge difference in your resilience if a job ends unexpectedly.

A big risk that many UK workers ignore is a lack of information about their rights. Failure to grasp redundancy rights can lose you money, opportunities, and time. Risk management entails understanding your statutory rights, consultation periods, what defines a fair selection process, and identifying when something feels odd. Workers who are prepared can negotiate more effectively. They ask the correct questions. They understand whether their package is fair. They understand whether redeployment is an option. Knowledge protects you.

Another risk is assuming your industry will always need you. Redundancy teaches you that no field is safe. Even NHS workers, teachers and long-established professionals face restructuring. This does not mean you abandon your field. It means you pay attention to changes within it. You watch where demand is going. You observe the skills gaining traction. You study which roles are becoming obsolete. This proactive awareness allows you to shift before you are pushed. It gives you time to retrain, reposition and stay relevant.

Risk management also helps you plan your financial life after redundancy. It encourages you to calculate your expenses honestly, prioritise essentials, cut temporary luxuries and manage your redundancy payout wisely. Many workers spend their payout on panic purchases, emotional spending or decisions made from fear. Risk management teaches you to stretch what you have. To ask for professional financial guidance if you need it.