As we look at the key areas of your business, we can’t forget your team. They’ve borne the brunt of this crisis. Have you assessed where you came from? Have you developed a pre-crisis report that outlines the number of team members (maybe even by department) you have and their average wage? Have you included identifying the number of team members you have on full hours, reduced hours, furlough, and layoff?
And have you completed compensation and benefits estimates based upon this report to get an idea as to the cost it’ll take for you to keep your team working for the next few months? Above all, don’t ask (or expect) team members to work for free — that’s not the right thing to do (plus, you’ll probably be violating some type of law)/
Moving forward, have you assessed your company’s talent? Who’s valuable? How different will your business be if your valuable team members aren’t working for you in the upcoming weeks, especially as the economy re-opens? What have you been doing to retain the key team members who drive your business? What have you been doing to ensure they’re assured about being protected?
Have you addressed the possibility of remote work for any of your team members? Have you looked at what can be done remotely and what has to be completed in the office? Have you defined those expectations? Can a weekly productivity report help? Have you created a remote work agreement in writing? Did you have your team members sign it? Is the technology available to do remote work? Have you had to set up VPN access?
And what about your leave policy? Are you making sure your team members know to stay away from work if they are sick? And how generous are you with the leave? Don’t forget about the new sick leave and expanded FMLA (https://www.dol.gov/agencies/whd/pandemic) guidance. From what I understand, these programs are paid for by offsets to payroll taxes. These tax credits are refundable, meaning that if there isn’t enough tax owed to cover the cost of the benefits the government will give you a check. And if you’re self-employed you can take a credit against self-employment tax.
Again, that’s it for now – see you tomorrow! Be sure to leave comments. I encourage it – even if you disagree. While every effort has been made to provide valuable, useful information in this post, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.