Redundancy Support at BAE Systems
BAE Systems is a global defence, security and aerospace company, delivering a full range of products and services for air, land and naval forces. Earlier this year BAE Systems announced redundancies at its Newcastle plant.
In response to the announcement, Unite, Prospect and GMB unions met with Ken Gyles, Development Worker for the unionlearn Skills, Recession & Recovery Project to discuss potential ways of tackling the redundancy situation. Workers were given support and guidance to help them and their families prepare for potential redundancies, with financial advice considered as a key component of that support.
A meeting was arranged with Stuart Dodson from the Financial Services Authority (FSA), now the Consumer Financial Education Body (CFEB) to discuss possible response strategies for staff anticipating redundancy. Stuart gave a presentation and arranged one-to-one meetings with staff around financial advice.
Stuart said: “Supporting employees facing redundancy can be challenging, which is why it is vital that effective partnership working takes place to reach those most in need at this difficult time. In the North East, I have been working closely with TUC unionlearn and its representatives to deliver a programme of redundancy support to individuals faced with losing their job.”
Ken Gyles provided the initial contact at BAE Systems through the unionlearn representative Paul Lonsdale and together they ensured that advice on dealing with the financial issues associated with redundancy was made available to all affected.
CFEB developed a comprehensive handbook and presentation to help employees manage and understand their financial options during this difficult time. The ‘Making the most of your money when facing redundancy’ presentation was delivered to 150 employees at BAE in Newcastle and over 200 received a copy of the Moneymadeclear Redundancy Handbook.
The seminars, delivered by a trained presenter covered everything from the financial impact of losing a job, the financial support available to help, how to make the most of redundancy payments, benefits and general information on financial planning and budgeting.
Ken said: “The Skills Recession & Recovery Project plays an important role in developing support for union members during times of difficulty. Unite reps at BAE have worked hard to make sure that the information and contacts given to them have been used to employees advantage”.
The Moneymadeclear Redundancy Handbook gives employees a single, accessible source of impartial information and advice to help them make the right decisions for their financial future. The handbook is a reference tool that employees can keep and use when they need it.
In addition, the Moneymadeclear service can be brought in-house to provide bespoke, one-to-one guidance, covering all aspects of personal finance, ranging from benefits and tax, borrowing, protection, retirement and much more.
BAE hosted a number of CFEB’s Moneymadeclear events, providing tailored and impartial guidance to over 30 individuals. Whether staff had specific questions or just wanted to have a financial health check, the money guidance service was there to assist.
Unite ULR, Paul Jefferson, said:
“In this uncertain time with regard to employment the feedback I have received from staff at BAE was that the Financial Advice provided was very important. The information that was presented by Stuart Dodson from CFEB was clear, concise and addressed staff concerns. Those that participated in the one-to-one sessions also stated that they proved to be enlightening, in addressing concerns and providing clear and unbiased advice to help them.
A lot of people had worked at BAE for a considerable period of time and had been used to a monthly wage and had not had to think about the possible consequences that being made redundant would have on their lives.
As stated by Ken Gyles, BAE now have a ULR working to encourage employees at BAE to take up learning opportunities that will be offered to them as well as allowing employees to propose courses that they believe would be beneficial.”
