Cost savings and redundancy: What’s the best option for me?

The Office of National Statistics (ONS) has found that more than a quarter (26%) of UK businesses cited “inflation of goods and services prices” as the main concern for their business in a May survey, up five percentage points from the end of February 2022 (21%).

With this in mind, many businesses are looking to make redundancies this year. In fact, Acas has recently found that nearly one in five employers (18%) are likely to make staff redundancies over the next year.

If you’re one of the many employers looking to make changes to your workforce for cost-saving purposes this year, there’s some important things you should consider first – because if you don’t first consider all your options, you could find yourself in an even more difficult situation later down the line.

Redundancy isn’t the only way forward – there’s a range of other alternatives that could better fit your situation and goals.

So, our HR & Employment Law experts have created this handy resource to help you work through the decision-making process and find the best fit for your business, covering situations such as:

• Experiencing long-term reduced demand?
• Looking to revise your benefits package?
• Experiencing temporary reduced demand?
• Needing to save money but unsure on how?

This guide will explain your best next steps, so you can access the savings you need while protecting your business and reputation. Simply enter your details in the form on this page for free access!