The end of furlough is fast approaching. After 18 months of financial support, plus numerous extensions along the way, the scheme will come to close on 30th September 2021. But this begs the question: what’s next for the job market?
Here, we answer exactly that, and explain how it affects both businesses and candidates. Our Managing Director, Wayne Brophy, also gives his own insights into the matter.
Impact on employers
For companies that are taking employees back from furlough, it’s worth considering how they’ve been off work. If it’s longer than a year, they might need training up again, as the likelihood is that your business processes will have changed, including COVID-19 safety protocols.
To help them adjust, it’s a good idea to buddy them up with someone, or allow them a steady return to their responsibilities. You need to consider how your staff might feel after a significant amount of time away from work. Throwing too much at them too soon could trigger issues with their wellbeing.
Businesses that can’t afford to take team members back on have several options: you can request they reduce their hours, or take unpaid or part-paid leave. Another possibility is to extend furlough without the government’s help, though this would end up more costly. If there’s no alternative but to make staff redundant, you need to follow the process correctly, and be sure to support them as they transition into a new job.
Impact on employees
If an employer is considering making you redundant after the end of furlough, then in most cases, they should have already begun the redundancy process. But if they haven’t contacted you, speak to them and see what’s happening.
It’s worth ensuring that employers are doing things by the book, as well as offering a good package. And remember, there are a record number of roles being advertised right now, so if you are made redundant, it’s possible you’ll land a new position soon.
When you request or get support via Outplacement Services, you can receive assistance with things like CV writing, interviewing, and social media coaching, to help maximise your job search.
Insights from us
Our MD, Wayne Brophy, sees the furlough scheme in a positive light.
“It’s really helped businesses through difficult times and prevented mass redundancies. When it first came about in March 2020, it was an absolute lifesaver. Organisations went from sheer panic to heaving a sigh of relief.”
But as for whether the end of furlough should happen. Wayne thinks now is the right time.
“The economy is finally returning to normal, so it seems only fair. And although there will be some businesses that sadly don’t survive the scheme’s closure, there are ample opportunities for candidates in the job market.
This includes positions that require retraining. The much-publicised skills and talent shortage across industries like logistics means many companies are willing to take time to train people up.”
The future
Now that furlough is coming to an end, redundancies are unfortunately inevitable. But with Outplacement Services, outgoing team members can be effectively supported and coached to help them find their next career move as soon as possible.
If you want to find out more about how we can help you, don’t hesitate to get in touch. Call us on 0203 805 7020 or email hello@outplacement.services.
