Are you prepared?
So, as the pandemic starts to come to an end (of sorts), restrictions ease and economic activity is picking up to more normal levels - it is inevitable that the support for companies will be wound back.
The biggest and most effective support that the government has put in place is the Furlough Scheme. The scheme has no doubt saved many jobs, and livelihoods, and is one of the most generous in the world but all good things have to come to an end, especially one as expensive as this.
This is it. You must bring staff back to work in some capacity.
Whether you need to handle a difficult return to work, or look for alternative options, you must take action now.
Failure to act could result in high staff turnover, tribunal claims and financial penalties.
Get immediate advice if you feel the business cannot afford to take staff back on. This would be indicative of a wider problem and could mean that your business is insolvent. Remember that there are ways that you can dramatically cut costs and cover the costs of redundancy.
Remember that you will need to pay redundancy for any employee that has been employed for more than 2 years. If the company cannot pay then it is in effect insolvent. Read our options page to decide what the best action is.
Watch the video below which explains how a Company Voluntary Arrangement can save the company
Category: Implications for Directors