In the midst of the COVID-19 pandemic, employers face monumental decisions on how to keep their businesses alive. Given the uncertain duration of government stay-home orders and public health initiatives, workforce planning is happening on a continuum, with businesses pivoting as circumstances change.
Many employers’ concerns center around their greatest asset, which is also their greatest cost: their employees. These charts provide employers with visual considerations of three scenarios:
- Reduction in compensation
- Furloughs, temporary layoffs or reduced hours
- Terminations
Federal, state and local laws are changing daily and the decisions employers face may be impacted by such legislation. The availability of loans or loan forgiveness also impacts the decision-making process.
While these charts provide a resource for workforce planning, please seek advice from counsel before implementing any specific plan.
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