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Furloughs Find Favor (1 viewing) (1) Guest

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TOPIC: Furloughs Find Favor
#1502
Furloughs Find Favor 4 Years, 11 Months ago Karma: 0  
A new study by the Hay Group revealed that 35% of employers are choosing furloughs over layoffs during the recession. The Hay Group study found that furloughs may be a better way for employers to cut costs instead of layoffs or salary freezes. It certainly seems to be better for employee morale, as the study showed the impact of furloughs on employee morale was neutral.

Employers not only save on salary costs with furloughs, but many employers surveyed say their contributions to defined contribution plans are calculated on the reduced pay created by the furlough; some companies also discontinue their health benefits during the furlough period and some companies are saying that incentives would be impacted by the reduced annual pay created by the furlough.

Maybe employees say their morale is not effected by all this, but most likely they are just happy they still have a job.

While furloughs seem to be good for employers, they are not without legal concerns. For example, as was pointed out in a National Law Journal article, some of the bigger challenges are considering the impact of a furlough on exempt employees, and doing it in a way where you don't change them to nonexempt employees who are entitled to overtime. The concept of exempt employees is that they are paid a salary and get the paid salary if they work 20 hours or 60 hours. So you have to take that into account in designing a furlough, otherwise you end up legally responsible for their entire salary for the week. This is an unsettled area of law.
 
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#1507
mcole ()
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Re:Furloughs Find Favor 4 Years, 11 Months ago Karma: 0  
As an employee, I would certainly prefer furloughs than layoffs but I'm not sure it's usually a choice, even for employers who may have had to use both in this recession. So it would be interesting to find out whether imposing furloughs helps avoiding layoffs? It seems to me that companies that have used furloughs to save costs have also had to lay off employees.
 
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#2794
taojj ()
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Re:Furloughs Find Favor 2 Years, 10 Months ago Karma: 0  
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