We have certainly experienced some uncertain and shaky times in the Spring and Summer of 2020. With the health pandemic sweeping the world and many people forced to stay at home. Many people are struggling with their jobs and face an uncertain future as far as their career is concerned.
The pressure is not just on employees by employers, business owners and companies too.
Many businesses are under a lot of financial pressure and they will be forced to make decisions that benefit the health of the business over the long run.
Redundancy is typically the most common solution to cutting costs so that the company can survive.
It pays sometimes to be creative to see what else can be done instead of just making employees redundant. If a company makes skilled employees redundant is can have a severe knock on effect to other workers. This can be very damaging to their morale and could cause further company problems in the future.
It may be the case that the economy will soon start to pick up and the business sector in Bristol and the rest of the UK could well pick up. If you feel that you can hold on and keep things ticking over for a couple of more months then that may be that best case of action.
Here are some alternatives that could help you avoid making redundancies.
Keep any overtime to a minimum
Hold off on recruiting
Be more strategic with your training and fill positions internally where possible
Introduce job sharing
Mention the idea of a sabbatical or career breaks
Reduce working hours
Suggest early retirement to those that are eligible
Cut costs where you can
Remember, this is a issue that affects everyone so get your employees involved. Hold a company meeting, ask them for suggestions. Communicate that you don’t want to let any of them go but need there help in coming up with a plan.