Page 22 - BOSS Today Issue 48

BOSS Today #48 DOWN TO BUSINESS

HOLD YOUR

FIRE

How to consider alternatives he coronavirus outbreak has presented staff may be detrimental, particularly
to redundancy during the Ta number of issues that could quickly when market opportunities pick up again.
coronavirus crisis lead to economic difficulty for some Alternative measures may achieve the
necessary reductions in expenditure, while
employers. Many companies will be
affected by lack of customer demand, in preserving the viability, market share and
addition to staffing, supply chain and cash brand recognition of the company for the
flow issues, as people have followed advice longer term.
on social distancing and self-isolation. The impact of the coronavirus crisis on
The uncertainty around the duration of companies will vary greatly, dependent
the measures to prevent the spread of the on factors such as the nature of the
virus has also created added difficulty for business and the resources available to see
employers trying to mitigate the impact. it through the downturn. It is recognised
Some employers will need to take urgent that the options below will not all be viable
action to remain in business. Employees for all companies:
will be aware of the potential
impact of the crisis on n Government assistance
their jobs and income n Reducing the number of days/hours
and may well be that employees work
prepared to accept n Implementing a lay-off or short-time
emergency measures working
on a temporary basis n Withdrawing job offers or postponing
in order to protect their new starts
jobs in the longer term. n Taking measures to achieve
However, the impact of the coronavirus longer-term efficiencies
crisis on other employers may be less n Instituting a recruitment freeze
immediate, and these will have more time n Retraining and redeploying staff
to implement contingency measures to n Cutting back on paid overtime
avoid the need for redundancies. n Introducing flexible working
While making employees redundant may n Reducing or terminating the use of
help a company to survive in the short temporary workers
term, the long-term effects of cutting n Offering sabbaticals

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