Thank You and Goodbye....

Companies in the UK paid out an estimated £3.8 billion to staff that were made redundant during 2016-2017.
 
Research from law firm Hugh James, using statistics from HMRC, suggests 255,000 employees were made redundant during that period. The value represented a slight drop on the previous year when £4 billion was shelled out.
 
The firm said more redundancies could be made in the current financial year with businesses looking to protect their profit margins.

A spokesperson from Hugh James said redundancies can be the right choice for some companies, but it isn’t the only option.

“Despite the relatively high costs, redundancies can make a workforce leaner and more fit for purpose […] In some cases, businesses may be better placed to consider other measures such as changing employee terms and conditions or cutting hours. This can reduce the pay bill, without having to pay redundancy costs.”