This year has been a busy year within the finance sector in jersey! We have seen redundancies, closing of departments whether that be due to outsourcing, moving of functions to other jurisdictions or streamlining businesses. We have also seen companies grow, and we have seen companies come together.
Understandably, it can be an unsettling time if your company is going through changes and in my experience, this has caused some hesitation when it comes to job seeking. Similarly, this may bring uncertainty for potential new employees as they may feel sceptical following the changes and fear of the unknown.
Just because a company is making redundancies it does not mean the company is in financial difficulty. Most companies regularly review departments, staff, productivity, money coming in and money going out. There are so many factors which contribute to the decision of closing a department and making redundancies. Maybe the department isn’t doing as well as others? Maybe they are re-locating the work? Or maybe there are other ways in which the company can make more money? This doesn’t necessarily reflect on the rest of the business and how they are performing. So if you’re looking for or interviewing for a new role and are put off by the fact the company has made recent redundancies within a department (or within several departments), don’t write the company off but speak to the Managers, HR or even the CEO as there is probably a very respectful reason behind it. These people will give you the best inside information and will be able to talk about their ideas and ultimately put your mind at rest!
Mergers don’t mean that the company is ‘unsettled’ or ‘a risk for new staff’. I hear this so often however I personally think this is a great time to explore new opportunities within a company who proves they want to grow and develop the business where possible! With mergers they bring other new prospects, both internally and externally. Possibly the chance of movement or progression for current staff members. It’s also likely you will get to have some input into your role and any ideas for the company in the future.
There are so many judgements made by outsiders and I must admit I have been one of those people to do so too! However, I have been proven wrong before and having now attended meetings or briefings at these newly acquired companies I have to say I think it’s a positive opportunity that should be embraced.
Change is always daunting, but if you can be part of a positive change within your workplace or alternatively within a new company, why would you not what to be involved in the journey?
|- Mergers are defined as a combination of companies. This is when two companies combine to form one company, it is termed as ‘Merger of companies.’
- Acquisitions are where one company is taken over by another company.
- Redundancy is when an employer reduces their workforce because a job/ jobs are no longer needed.