Down-Banding – Are you at risk? – Your Options
Less pay or no job. Which option should you go for? Neither of them seem very impressive. In this current climate, many people have found it very difficult to find a job that really suits them or that they enjoy doing – as a Sunday Times report found.
What is Down-Banding?
Down-Banding has been used for a while, but it has only just now become a popular way for employers to save money, while keeping their employees in post. In April 2012, the BBC reported (Video Here) that employers say Down-Banding makes good business sense. They keep their staff, who they have already invested lots of money on from day one, starting with their induction and all the ongoing training that is provided. If employers just started making employees redundant, left, right and center, they would lose a lot of their investment. When the remaining staff then start looking for another job because they are unsure about their job security, the employer can suffer greatly, because they will then have to invest some more of their profits – if any – on new staff.
Down-Banding gives employers another option to keep their business going by giving their employees an option.
Are you at risk of Down-Banding? Have you received a letter or memo from your employer saying that Down-Banding will be introduced?
There are other options available
A very popular one for worried employees are to start their own business, working it part-time around their full-time job. Many, many people already have an extra job, some with even 2 or 3, just to keep their head above water.
Please let me know if you have been affected by Down-Banding by commenting below.
Have a fantastic day