What are the costs associated with redundancy in the workplace?

What are the costs associated with redundancy in the workplace?

The costs of redundancy can include severance pay, legal fees, and potential loss of productivity.

How do companies typically calculate severance pay?

Severance pay is often calculated based on the employee's length of service and their salary.

Are there any hidden costs of redundancy that companies should be aware of?

Yes, hidden costs can include decreased morale among remaining employees and potential damage to the company's reputation.

What strategies can companies use to minimize redundancy costs?

Companies can consider voluntary redundancy, retraining employees, or implementing hiring freezes to minimize costs.