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Tips for Laying of Workers During a Crisis
Is redundancy necessary?
People believe that making the workforce redundant in these troubled times may be the right decision and not a knee-jerk reaction to the Covid-19 crisis. Hundreds of workers have been laid off in the wake of the recent coronavirus outbreak, and many are facing the death throes of a “necessary” but critical decision.
However, an observer has questioned the rationale behind the move by some well-established establishments, especially when some are recording high profits and taking money from their gross earnings to pay monthly insurance premiums for disaster contingencies.
It is suggested that before we throw in the towel, we recalibrate our thinking and look at our overall expenses, workload, capital budget and last but not least our insurance and contingency plans or lack thereof. Here are some factors we may consider before laying off workers during a pandemic or natural disaster:
There is a widely used cliché: “It’s never too late for it to rain” and many businesses will be removing their umbrellas during the “rainy season” and looking for cost-effective ways to run their businesses efficiently. Reducing overhead costs and restructuring our budgets can be a way to mitigate further losses in times of crisis. In fact, we are often at a loss due to over- and under-utilization of the company’s facilities and resources. An example of reducing costs is using energy-efficient equipment during the day and planning a structured and well-defined workload.
Reducing work stress
Reducing or managing workloads can be a smart way to reduce further business losses. In some establishments we have many workers who double up and repeat the same tasks without the need for specialization. If we have one or two experts in an area, we can reduce the number of individuals doing the same job, which reduces trials, errors, and workflow disruptions.
Having more employees does not necessarily improve efficiency but having more skilled knowledge of operations improves the quality of output. By having trained and knowledgeable staff, we reduce overtime and working hours to work. This productive movement also affects the total working capital of the business.
Reorganize the working capital budget
When you spend too much money on unnecessary resources, your working capital budget can increase. This important aspect of business finance provides the basic framework for everything in your business to work harmoniously. It stimulates cash flow and provides materials for better performance. However, when the compensation packages for some senior managers and employees are high, it has a significant impact on the company’s profit and loss, especially when there is a crisis.
This is a critical area to look at before we get down to the bottom of the organizational chart to get rid of essential workers. Examples of such adjustments are reductions in motor vehicle expenses and other remuneration packages for senior staff members and corporate executives, as working hours are planned to be reduced. In addition to adjusting working capital costs, we may adjust our insurance premiums for the business or review affordable insurance packages.
Review the insurance premium
Cutting costs for contingencies may not be a wise thing to do for the future, but it’s certainly a way to invest in the productivity and longevity of a business. Here’s an example: If we pay 100k a month in insurance premiums in the event that a disaster can delay business, we’re actually transferring those huge numbers to additional employee raises that can triple our income. in the same month. This is called the opportunity cost or cost benefit factor of the business.
While it is a wise decision to plan for eventualities, a pragmatic approach is to factor in the cost benefit of paying higher insurance premiums versus increasing payroll to hire efficient staff members. Conversely, not having business insurance or a disaster contingency plan can have an adverse and devastating impact on the business.
However, from a financial standpoint, laying off employees may serve the long-term goals of the business. If the country is facing a global crisis and this is causing potential customers to lose interest, operating at full capacity as usual would be pointless and the company could avoid closing due to understaffing. However, by implementing proper plans to cut unnecessary costs, and planning for contingencies, and allocating appropriate resources to departments, we may be able to retain staff members who have contributed significantly to the organization’s productivity.
When we act impulsively in situations that affect the labor force and the masses, we not only disrupt the socio-economic stability of the country, but we create more devastating financial and emotional instability in households when normalcy is restored. Often the damage is irreparable. Acting impulsively by making workers redundant in an unexpected crisis may not be the right way to run a dynamic enterprise. Rather, such immediate action calls into question the strength and dynamism of that business.
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