It seems clear that JobKeeper is really ending - no more extensions.
There will be one final payment in April for the March fortnights and then that is it.
Steps to Prepare:
Update your cash projections and budgets
Consider the impact on your staff and how you can assist them
Communicate with staff about changes that will impact them
Track the transition by keeping your account up to date
If you are still relying on JobKeeper then on March 29 your cash projections need to change. You need to be considering how you will operate without the JobKeeper cash injection to reimburse you for payroll.
Do your projections now and talk with your staff about any changes that will need to be made. If the hours they work are going to reduce and/or the pay amount will reduce (because they will not receive any JobKeeper topup), then your staff will appreciate that they are informed.
If there needs to be a reduction in hours for your staff they may appreciate you offering that they can take paid annual leave to supplement them during a transition period when JobKeeper ends.
The key message is to communicate with your staff about the changes that need to be made. Your goal is to keep them certain about their future with you so that you can retain their experience and knowledge in your business.
Finally, keep your accounts up to date and put dates to review your financial progress into your diary now. These reviews should be the end of the week and end of the month. Weekly reviews will give you the greatest awareness of your strategy's effectiveness. It is always easier to make small consistent changes than large ones if you can see that you need to alter your strategy.
Would you like to know how to tweak your business and increase profits? Check out Profit Cloud Advisory for a FREE consultation.
If you need any assistance with your strategy please contact us for more information.
Acknowledgements:
Thank you to EmploymentHero for their Jobkeeper factsheets