Managing staff costs during the coronavirus crisis
Managing staffing costs is one area in which businesses have some degree of control.
Confidence is at a low ebb among small businesses, with the third-quarter survey from the Federation of Small Businesses (published 26 October 2020) indicating that two-thirds (66%) of the 1,564 firms surveyed at the end of September expect their financial performance to worsen.
Businesses have some degree of flexibility over staffing costs and government assistance is available, provided eligibility criteria are satisfied.
King’s Business SchoolLink opens in a new window has pointed out that 6 million small businesses, supporting 16.6 million jobs, face a very uncertain future.
This uncertainty won’t have been helped by the latest coronavirus lockdown measures. But to support businesses, as of 5 November 2020 the Government’s Coronavirus Job Retention Scheme (CJRS) (or the furlough scheme, as it's also known) is being extended until the end of March 2021.
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