What to do next?
Despite the uncertainty in these unprecedented times, the last few months has resulted in several industries return to a more normal outlook, with some in fact booming. However, there are still many companies whose survival has been due to the Government’s JobKeeper payments. As the end of Jobkeeper looms, now is the time to prepare and potentially make some tough decisions.
Whilst many companies went through this early on in Covid, making the painstaking decision to stand staff down, make redundancies or even close their doors, whilst for some Jobkeeper became vital for their survival. Those businesses reliant on Jobkeeper who haven’t yet returned to normal, now need to contemplate their options.
Things to consider if your business is not at full capacity yet and relying on Jobkeeper:
- Reduction in spend / overheads
Can you reduce your costs? This will allow you to retain your staff at full capacity, in order for your business to continue functioning whilst riding the storm to survive.
- Reduction of staff overheads
Making redundancies is always a last resort but you may have no other option. First consider reducing staff hours or other staff cost savings or, as a last resort, you may need to look at retrenching people. Consider engaging in a workforce planning exercise to make the most of your existing teams – upskilling workers, retraining or deployment options.
- Engage with an HR specialist – An HR specialist will provide advice on your specific situation in line with the current HR rules & regulations, making sure whatever your next move complies with the law. They will be able to assist your process so it is expedited in a lawful, smooth and efficient manner and can even assist you with communicating the changes to your employees. It’s always good to remember rash decisions can catch you out, so be prepared with up to date and proper advice.
- Inevitable redundancies – engaging an Outplacement provider can help ensure your employees are transitioned out of the business whilst being supported and respected.
- Be mindful, as the end of Jobkeeper looms your employees may be feeling anxious too, open communication is paramount. The future of the business impacts the future of employees – you are all in it together.
If you are unsure about your business’ future, please reach out and our specialist HR consultants will be able to guide you accordingly. We also offer tailor made outplacement services & programs to suit each and every individual.