GAP Announce Store Closures – Work in Retail? What To Do If You Become Redundant…
By Kevin Mountford, co-founder of savings provider Raisin UK
“With a reported loss in just 3 months, Gap are closing 81 of their UK and Ireland stores. With the retail sector now reopening and hoping to get back on its feet sooner rather than later, could this be the start of the end for GAP?
Rule number 1: GAP needs to be transparent. It needs to tell its employees as soon as possible which jobs are saved and which jobs are not. Being in the middle of a pandemic and having utmost uncertainty it’s far worse than anything else. With the shift from physical stores to online, again, retail shops need to learn how to adapt and focus on ROI instead of closing stores, which leads to loss of jobs. This brand is 51-years-old, it has probably seen the change in high street shopping, and it needs to keep up with it before it goes altogether.
HOW CAN I PLAN FOR A POTENTIAL REDUNDANCY?
If you work for a GAP business and are currently furloughed or worried about your job role becoming redundant, there are a few ways you can try to plan for this:
- Read up on your rights, especially when it comes to redundancy pay and settlements. If you’re furloughed, your redundancy pay MUST be calculated on your usual wage, not your 80% furlough payments.
- Check your notice period, being furloughed doesn’t affect the standard notice period you are required to work or be paid for.
- Look at your existing debts. Do you have outstanding balances on credit cards that you could pay off now? It may be wise to settle these whilst you can be sure of your current income.
- Look at your monthly outgoings, is there anything you could negotiate a payment holiday for? This may help whilst you plan your next move in the short-term.
- Prepare your CV and think about your future career options. If it seems like your job role is definitely at risk, start to think about other options and reach out to people who may be able to assist in your job search.
- See if there is an option for you to transfer to another retail store that’s not closing.
Intro image by Ian Deng