19 November 2020
In hard financial times, cost cutting considerations can be carried out across the board, sometimes with no part of the business safe from belt-tightening. The coronavirus has brought much harder financial hardships than have been seen for many years. Many employers have been forced to close their businesses, and put their staff on furlough and claim their wages from a government grant. It is therefore no surprise that some employers will now be thinking about scrapping their employees’ bonus schemes, as they can add up to a significant profit pay out. While removing them can seem like an easy first step to relieving pressure on businesses, is it as easy as it sounds?