Are you leaving a legacy or a liability?
As a business owner you devote significant time and effort for many years, resulting in a successful company you are proud of.
Before you know it, retirement is looming or external factors precipitate the need to hand over the reins. But what legacy are you leaving behind? Will your business survive after you? Are the people really up to the job?
It’s not enough to just focus on the corporate aspects - strategic planning from an employment perspective is critical so that your business and legacy remain a success
Just a few aspects to consider include:
Employee exits - take time to consider and evaluate your staff, and take action. Exit employees who are quite simply not going to benefit the future of the company.
Termination of employment can be justified with a fair reason, for example, poor performance, ill-health, redundancy, or re-organisation; providing a fair process is followed and your company acted reasonably.
Promotion and varying employment contracts - take action to ensure you retain the right staff in the business through promotion of key personnel. This can act as an incentive and increases productivity.
Strategic planning from an employment perspective is critical
Vary existing employment terms by offering incentives such as target related bonuses or improved pension schemes.
Remember to review employment contracts regularly and to update or issue new ones, particularly in relation to employees progressing through the ranks.
It’s important to remember that when varying any fundamental terms of an employment contract, employers are obliged to consult the employee and obtain their consent.
Recruitment - don’t be afraid to recruit. It may be that a new skillset or a fresh personality could afford great benefits to your company, both in the short and long-term.
Protect your business with appropriately drafted employment contracts with terms that are beneficial to your company such as probationary periods, favourable notice periods, garden leave, or even by the issuing of a fixed-term contract.
- To read this feature in full and access further Lancashire business news, advice and analysis subscribe to Lancashire Business View magazine or join the LBV Hub from just £2.50 per month. Click here to subscribe now.