Many employers face the prospect of restructuring their workforce, in an effort to cut costs, improve productivity, or as result of internal restructuring or mergers. Our workforce restructuring services team are a group of professionals who specialise in employment taxes, pensions and reward.
There are many tough challenges which an employer faces when considering a workforce restructuring programme such as:
- designing a severance package that meets with employees’ expectations and fits the financial constrains of the company;
- timing and communication of the workforce changes;
- ensuring HR teams have the expertise to implement the changes;
- support HR and senior management to identify mission critical roles and potential successors, preparing a development plan for those identified to ensure they are fully prepared for the transition;
- maximising the tax efficiency of the severance package for employees and ensuring the employer is meeting all related tax obligations;
- ensuring the employer payroll reporting requirements are met;
- providing relevant advice and support for impacted employees;
- ensuring employee pension benefits are dealt with in the most tax efficient manner;
- remove responsibilities on the employer in respect of former employee pension benefits; and
- ensuring employees can retain employee benefits (life insurance and income protection) on a personal basis on cessation of employment.