Restructuring and Changes to Employment Roles
Question
During the lockdown period I have been working on our financials and also budgets moving forward and our business is not in good shape. I have gone through what costs can be cut, there are a few things that can be cut, and will be cut, however this will unfortunately not be enough. At the moment I am forecasting a loss of approx 250k in this coming year if we stay as we are, the only way I can see of preventing this is cutting costs and also moving staff from other positions into sales roles so that we are also able to increase our turnover.
I myself have never performed a redundancy/restructure however I have been involved with one by crunching the numbers.
I would just like a bit of information and guidance on how to proceed with this. I have done a bit of reading and what I am looking at doing is a restructure with the possibility of redundancies. I would like to look at reducing the hours of some staff members, redeploying others into new roles and I am seriously going to be looking over the level 3 period as to what positions are required and which ones may be able to be disestablished to prevent the business from having to close completely.
Any advice or guidance on this matter would be greatly appreciated.
Answer
Sorry to hear about your circumstances at the moment. The steps you have taken are consistent with good practice at a time like this. Please sign onto our new website and take a look at the following article regarding Restructuring and changes to employment roles. Feel free to get back to us if you have any more questions.