As any successful business will attest, keeping control of costs is paramount, particularly during challenging times. In general, the costs associated with employing staff are the biggest overheads of any business, and despite a business owner’s best efforts, there may be times when it is necessary to reduce this cost for the overall success of the business.
Restructuring and Redundancy
Reducing staff costs can take many forms, including:
It is never easy to make decisions about reducing staff costs, but it is possible to achieve reductions through one or a combination of cost saving measures. With a decade spent in accountancy, and more than two in HR, I bring a unique perspective to restructuring and redundancies through a keen eye for numbers, a thorough understanding of business operations and employment law, and a human perspective on managing change for the best outcome for the employer and employee.
It is important to note that if you are planning to let staff go, there are specific procedures that must be followed under Irish law. Employees must be notified of your intentions in advance and if you are planning to let five or more staff go, there is a legal requirement to carry out formal employee consultation. This process engages employees with the organisation’s plans through discussion about the challenges it faces, options for cost cutting, and why the business arrived at the decision to let staff go. This process can be challenging for business owners and I can help relieve you of the anxiety around employee consultations by facilitating them on your behalf.
Whether you would like to discuss options for cost savings in your business or would like support with employee consultations and redundancies, please don’t hesitate to call me for a confidential discussion about your options.
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