As Government support changes with the easing of restrictions in the current crisis, planning for the future has never been more important:
- Continue the furlough with no Government support: Work within lay-off laws, but pay your workers a fraction of their wage to stay at home if they are still not needed.
- Short time working: Offer a set amount of days a week or a set amount of hours you will need them for, you could even have a rotational staff.
- Pay cuts: Offer a pay cut to employees to keep them all on the payroll if you have a reduced cash flow.
- Deferred pay: Employees get their pay cut while cash flow is bad, but as when it comes back, pay them back the money they lost.
- Redundancies: Sometimes this is the only way to go if things are going badly.
Whatever you are deciding, you must start planning now for when the furlough ends.
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Accounting for the Future with Folkes Worton