It’s never easy to let employees go, no matter the reason. However, sometimes a business owner has to make the difficult decision to rescale his or her workforce, and that can mean layoffs. Emotional issues aside, it’s important for a business owner or CEO to understand all the legalities in place to protect workers during a workforce reduction.
A Tampa CPA from Reliance Consulting, LLC, can help a small company determine the best course of action – including potential reductions in workforce – during a business slowdown or restructuring. The accountants and consultants from Reliance have helped hundreds of businesses in the Tampa Bay area and beyond with small business accounting services since 1984.
In the event that a worker layoff becomes a painful necessity, make sure you are familiar with the requirements set forth by the Worker Adjustment and Retraining Notification (WARN) Act. In essence, companies with more than 100 full-time employees must give 60 days’ advance, written notice when a layoff or plant closure will affect 50 or more employees at a single work site. There are some exceptions to the 60-day requirement, including:
- Closure of a failing company
- Unforeseeable business circumstances
- Natural disaster
The small business experts from Reliance Consulting will work with you to try to weather the economic pitfalls that sometimes lead to a reduction in workforce. Contact us today for a free financial health checkup, or to learn more about how we can help put your business on the path to profitability.