Staff are the most important part of your business and communicating with them during the period of a restructure can make or break the business.
What should you be explaining?
- Future employment
If there are going to be redundancies or terminations this should be something that is communicated early to allow staff to look for alternative options. One of our early aspects of a restructure process is to understand the staffing requirements, and identifying any chances that will need to be made.
- What is happening with entitlements?
If there are unpaid superannuation or entitlements it is valuable to explain to the staff how these are caught up or what is the reality of them being repaid.
- What’s happening during the restructure
For key staff it is important that they are involved in the process, to communicate with customers or suppliers with an understanding of what it will involve. Letting the staff understand what is happening during the time will make the process substantially easier.
Not communicating with staff can bring resentment, especially if things have been tough and you are needing their support for the next stage of the business.
More information? To find out more, give us a call on 1300 023 782 or email team@cdrta.com.au.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)
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