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For many employers\, these are desperate economic times. Every entity facing diminished revenue must consider cost cuts to survive. As news reports show\, layoffs or reductions in force (RIFs) are being used daily to achieve cost savings\, and for some employers they may be the best solution. In some cases\, however\, the savings are not immediate as a result of statutorily required or voluntary notice periods\, as well as costs of severance pay.
A different approach may be a furlough strategy\, customized to fit each employer&rsquo\;s needs\, which may also achieve a significant cost-savings benefit. Implementing a furlough can help retain the employer&rsquo\;s experienced workforce at a reduced cost\, to help the enterprise weather the economic crisis. Most employees faced with\, for example\, the choice of a 20 percent annual pay reduction or the loss of their job would not hesitate to choose a reduction in pay. Further\, both employers and employees taking advantage of a furlough program are well-positioned to take advantage of any increase in business activity in the inevitable economic recovery\, whether it be this year or next. Furloughs are often viewed by the workforce more favorably than layoffs\, thus preserving morale in the organization as well. But\, implementing a furlough plan is not without its pitfalls. This seminar will provide guidance regarding the correct way to implement a furlough plan\, and will also discuss other potential ways to avoid RIFs.
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Presented by:
Kevin E. Vance\, Esq. EpsteinBeckerGreen
Hector Chichoni\, Esq. EpsteinBeckerGreen
Mark J. Beutler\, Esq. EpsteinBeckerGreen
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\;Breakfast will be provided by Taste Bakery Cafe\, Jefferson Avenue between Lincoln Road and 17th Street.