JobKeeper has been a significant and successful support measure for eligible businesses throughout the COVID19 crisis. JobKeeper was first announced in March 2020 and has since supported businesses by providing substantial wage subsidies to assist employers in continuing to pay their employees. However, the JobKeeper payment scheme is set to expire on 28th March 2021.
What will this mean for businesses?
With less funding options available, it is predicted that small to medium sized businesses will be the most affected. Unfortunately to reduce the impact, businesses may need to permanently reduce employment, seek other reductions in operations or take other severe measures.
While some businesses were hit hard in the JobKeeper reduction in July 2020, many businesses have since transitioned from the payment by restructuring their workforce. This has helped businesses by:
- Reducing operational costs
- Incorporating new technology
- Making better use of employee talent
- Increasing overall efficiency
To prepare for the end of JobKeeper, businesses should continue to protect their cash flow and plan for unforeseen circumstances by:
- Forecasting cashflow for the next quarter
- Cut away any extra costs during the adjustment
- Discuss any hour or salary adjustments with your staff prior to the end of Job Keeper
- Offer clear and consistent communication to employees about the organisations financial position and plans for the future
- Support your team by offering transparency about the changes ahead
How can we help?
If you are concerned about your workforce and the implications end of Job Keeper may have on your business, please call us at any time. We are a business who specialises in workforce planning, change management and restructuring and we would be more than happy to help!
Integrated Human Resourcing is an outsourced HR firm based in Burleigh Heads, Gold Coast.
If you would like to know more, call us 5613 1846 / firstname.lastname@example.org