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Chartered accountants facing redundancy

Information sheet offering guidance for Chartered Accountants facing redundancy.

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Updated: August 2017

Professionals, including chartered accountants, are not immune from the effect of the current economic downturn and some are finding themselves facing redundancy. If you are in this position it is important to get specialist advice and support. The Support Members Scheme has produced this information sheet to help you find the advice and support you might need.

Your employment rights

Redundancy issues are complex and specialist advice is essential. CABA offers ICAEW members free legal advice. You can contact this service by calling 01788 556 366 or by visiting www.caba.org.uk.

Alternatively you can obtain advice from your local Citizens Advice (www.citizensadvice.org.uk), from ACAS (acas.org.uk) or from a specialist solicitor. The Law Society’s website allows you to search for a solicitor specialising in employment law and you can also search by geographical location (lawsociety.org.uk/choosingandusing/findasolicitor.law).

More general information, guidance and advice for those facing redundancy can be found on the Government’s National Careers Service website nationalcareersservice.direct.gov.uk.

Finding work

Probably the first thing on your mind will be to find a new job. ICAEW’s on-line career resource ICAEWjobs.com allows you to browse and apply for jobs, sign up to job alerts and upload your CV to make it searchable by recruiters.

A range of other career resources is also available to members and are detailed on the website at www.icaew.com/en/membership/support-throughout-your-career:

Careers community

Ask career advisors questions and share experiences with other chartered accountants using our Careers Community.

Consultancy service

One-to-one career advice to help you create your perfect CV, practice for an interview or discuss how to get your career moving in the right direction.

ICAEW events 

To find out about forthcoming events, conferences and training that might be of benefit to you visit icaew.com/events

ICAEW mentoring and executive coaching

An opportunity for you to benefit from mentoring and executive coaching by senior financial professionals with executive and non-executive experience with FTSE companies www.icaew.com/mentoring.

Narrowing the gap

Support and career progression advice if you are planning a career break or returning to the workplace after a break is available at www.icaew.com/narrowingthegap. There is also access to peer support via the Comeback community forum.

Recently qualified accountants

Information available for recently qualified ACAs including articles on managing your career and working overseas.

The eLibr@ry

The award winning library icaew.com/elibrary is an ideal resource for researching potential employers and finding out the latest accounting procedures by sector prior to interviews.

Networking

Building and maintaining a good network of contacts can pay dividends to your career. Online social networking via tools such as LinkedIn now plays a major role, and makes it easier than ever to stay in touch with people. Guidance on networks and networking is available at www.icaew.com/networking.

Financial Support

As a Chartered Accountant you and your family can apply to the Chartered Accountants’ Benevolent Association (CABA) for financial support in times of need. If you are worried about keeping up with loan or mortgage repayments or meeting other financial commitments then you may benefit from calling CABA’s debt management and support service. You can contact CABA in complete confidence on +44 (0) 1788 556 366 for independent, impartial and confidential advice or visit the website at caba.org.uk.

Someone to talk to

Redundancy is a stressful time for you and those around you. We all know that it is good to talk and you may find it helpful to speak to someone about your situation and your own particular concerns. CABA provides a free, confidential counselling service for members and their families on 0800 107 6163, whilst information and fact sheets can be downloaded from the website caba.org.uk. A 24 webchat service is also available.

Alternatively you may want to talk through your situation with a support member, who is a member of ICAEW committed to providing confidential and non-judgemental help and support to members in need. If you feel you could benefit from discussing your situation with a support member, please call 0800 917 3526 or visit our web pages at icaew.com/supportmembers.

About the Support Members Scheme

The Support Members Scheme provides support to members of ICAEW who need assistance. The support members themselves come from a variety of backgrounds but are all members of the Institute committed to helping other members. There are support members throughout England, Wales and the Channel Islands.

What do they do?

Support members offer totally confidential, non-judgemental telephone or face to face support to members of any age, in any circumstances and in all areas of professional activity. They are trained to listen and are familiar with all of ICAEW's relevant procedures as well as other specialised helplines and resources. Support members are happy to talk to you about any issue, however big or small, and relating to your professional or personal life. Often simply discussing a problem with an objective outsider can clarify your thoughts and help you to find a way forward.

How much does it cost?

Nothing. Support members provide their services voluntarily. There is no charge for consulting a support member.

Will our discussion be in confidence?

Yes. Any contact that you have with a support member will be in complete confidence. Support members are also exempt from the duty to report misconduct so you can feel comfortable in the knowledge that anything discussed will not be referred back to ICAEW.

What do I do now?

If you feel you could benefit from discussing your situation with a support member, please contact the scheme on 0800 917 3526 or email support.members@icaew.com. Contact information for support members is also available on the ICAEW’s website icaew.com/supportmembers.

Information sheets

The following information sheets are also available from the Support Members Scheme:

Terms and conditions

© ICAEW 2017  All rights reserved.

ICAEW cannot accept responsibility for any person acting or refraining to act as a result of any material contained in this information sheet. This information sheet is designed to alert members to an important issue of general application. It is not intended to be a definitive statement covering all aspects but is a brief comment on a specific point.

ICAEW members have permission to use and reproduce this information sheet on the following conditions:

  • This permission is strictly limited to ICAEW members only who are using the information sheet for guidance only.
  • The information sheet is to be reproduced for personal, non-commercial use only and is not for re-distribution.

For further details members are invited to telephone the Support Members Helpline T +44 (0)800 917 3526. For further details visit icaew.com/supportmembers